By referencing events in the news or something from your personal experiences, describe one example of each of the five foundations of economics discussed in this chapter.
Five Foundations of Economics:
Incentives
Trade-offs
Opportunity cost
Marginal thinking
The principle that trade creates value
2. A survey of a sample of business students resulted in the following information regarding the genders of the individuals and their selected major. (25 pts) Selected Major Gender Economics Finance Others Total Male 60 140 40 240 Female 40 60 60 160 Total 100 200 100 400 a. What is the probability of selecting an individual who is majoring in Economics? b. What is the probability of selecting an individual who is majoring in Finance, given that the person is male? C. What is the probability that an individual is a female and majoring in Others? d. What is the probability that an individual is either a female or majoring in Finance? e. What is the probability of selecting an individual who is either majoring in Finance or in Economics?Q1: (Hypothetical) In IIIE total 800 students applied in MSc programs, 200 in IBF, 250 in Economics and 350 in Economics and Finance program. A test of 100 marks was conducted for admission into these degree programs. Note Following information: marks obtained by Economics students are normally distributed with mean 60 marks and SD 12marks marks obtained by Economics and Finance students are normally distributed with mean 58 marks and SD 13marks Now answer following questions: L How many of the economics students obtained marks between a 35 and 65 b. 20 and 80 C. 5 and 95 ii. Grade "A" is assigned to student who obtained marks 80 or more, how many students of Economics and finance got "A" grade? Suppose in previous MSc IBF class there were 20 students, out of which 5 were foreigners. Suppose 5 students are randomly selected for a group discussion on Islamic and Conventional Banking. What is the probability that a. Exactly three foreigners students are selected b. Less than three foreigners students are selected c. At least three foreigners students are selected d. At most three foreigners students are selectedRemaining Time: 20 minutes. 46 seconds. Question Completion Status 1 20 30 4 50 75 80 9 100 110 120 13 14 150 Question 3 The cash flow diagram given below represents for ... $146.9 $136 $125.97 $116.4 $108 $100 2 3 4 5 6 hp 3 4 5 W E R TRemaining Time: 20 minutes, 44 seconds. Question Completion Status 10 20 30 40 50 60 70 9 9 100 11 121 13 14 150 0 2 3 4 5 6 VP O uniform series cash flow. arithmetic gradient cash flow. O geometric gradient cash flow. random cash flow. In Moving to another question will save this response. hp W E R
