The marginal benefit of an additional beach towel is $8. The marginal cost of producing an additional beach towel is $12. If producers are not minimizing the average costs of production, then we can conclude:

beach towel production is allocatively efficient but not productively efficient.

beach towel production is neither allocatively nor productively efficient.

beach towel production is not allocatively efficient but is productively efficient.

beach towel production is both allocatively and productively efficient.

If a Professor of Sociology said that all corporations are greedy and that they are the cause of social and income inequality because that was their personal opinion on this issue, then what kind of statement is this? Multiple Choice O Normative Economics O None of the above. O Positive Economics O A very logical and well thought out statement.Under a Homeowners 3 (H03) policy Tunde's personal property is covered to a $100,000 limit. This includes some things at her beach cottage. What is the limit of coverage for personal property at the cottage? If? 1 - $10,000 "77" 2- $20,000 7'.\"- 3- $40,000 'F 4 $50,000 Question 1 (3 points) An example of a defense mechanism from predation is: Thorn Toxic compounds Body shape Coloration O All of the above Question 2 (3 points) Which type of country has the greatest proportion of young individuals? Countries in Europe Economically developed Economically underdeveloped Countries with zero population growth )Countries with stagnant growth2. The purpose of this problem is to derive the pdf of the t distribution. (a) Find the joint pdf of (Z, W). (b) Consider the bivariate transformation Z T = hi (Z, W) = VW / v U = h2(Z, W) =W. Find the joint pdf of (T, U). Hint: Note that h = (h1, h2) is a one-to-one bivariate transformation. To find the joint pdf use the techniques of Section 6.6. (c) Find the marginal pdf of T. Hint: Remember our trick for integrating the gamma density