1. Although market structures vary widely in their characteristics, what is one common aspect among all of them?

2. In the long run, which market structures are likely to have their average cost curve just sit on top of their demand curve? What does this imply for each market structure? Are there any differences in the market structures you gave in your previous answer?

3. What market structure(s) are likely to cause a net loss to societal welfare?

Question 4: The time until failure of a certain type of fan used in a diesel engine follows an exponential distribution with mean 25,000 hours. a) Identify the value of 2. b) What is the probability that a randomly selected fan will last at least 10,000 hours? c) What is the probability that two randomly selected fans of this type will last at least 10,000 hours? d) What is the probability that a randomly selected fan will last between 20,000 and 30,000 hours? e) What is the probability that a randomly selected fan will last at least 50,000 hours given it has lasted 40.000 hours?Verify Property 2 of the definition of a probability density function over the given interval. 4 f(x) = 609 X [2,5] Substitute a, b, and f(x) into the left side of the formula from the previous step. 5 4 area = dx 609 2 Next, determine F(x). First, find the antiderivative of f. 3 609 dx = (Use C as the arbitrary constant.) Let C = 0 in the expression obtained above and let the resulting expression be F(x). Evaluate the result over [2,5] using the far right side of the formula for the area. area = area 1 Simplify.> Sets > Homework: Sets Homework: Sets Score: 16/21 15/19 answered Question 18 Determine intersections and unions of sets using interval notation Given the sets A and B expressed in interval notation, find An B. A = (- 00, - 24] U [78, + 00) B - ( - 56, 79) AnB Question Help: Message instructor Submit Question Type here to searchQuestion 13 (1 point) In 2019, the national high school graduation rate was 84.6% . Then, in a random sample of 50 people, taken in 2019, the number of people who 9 graduated from high school follows 11 12 O A) Normal distribution. 14 15 B) continuous distribution. OC) binomial distribution. 17 OD) uniform distribution