1. Using the data in Table 2.3, calculate average fixed cost and average variable cost. Plot these on a graph with the average total cost and briefly explain the result.

2. When should a business cease production in the short run?

3. What costs need to be covered in the long run?

 

 

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1. Using the formulation in Section 10.3, plot the bet size (m) as a function of the maximum predicted probability

2. Draw 10,000 random numbers from a uniform distribution with bounds

(a) Compute the bet sizes m for

(b) Assign 10,000 consecutive calendar days to the bet sizes.

(c) Draw 10,000 random numbers from a uniform distribution with bounds

(d) Form a pandas series indexed by the dates in 2.b, and with values equal to the index shifted forward the number of days in 2.c. This is a t1 object similar to the ones we used in Chapter 3.

(e) Compute the resulting average active bets, following Section 10.4.

 

 

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1. What do you see as the role of the Internet in building brands? How would you evaluate the Web site for a major brand—for example, Nike, Disney, or Levi’s? How about one of your favorite brands?

 

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1. What do a price ceiling and a price floor have in common? A. They increase the price of a good or service B. They decrease the price of a good or service C. If they are effective, they both decrease the quantity bought and sold of a good or service D. If they are effective, they both are considered by everyone to be better than the equilibrium E. They have nothing to do with the government

 

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