The density function fsxd e32x s1 1 e32xd 2 is an example of a logistic distribution. (a) Verify that f is a probability density function. (b) Find P(3 < X < 4d. (c) Graph f. What does the mean appear to be? What about the median?
MicroeconomicExam#2StudyGuide CLASSNUMBER:ECN212ROFESSO:W ILLIAMFOSNOTETAKEPHOEBCHANG 1 R OLE F HE OVERNMENT IFFICULT ASES OR HE F T M ARKET Economic Efficiency • Definition o Efficient use of resource = maximum value of output • Conditions o All activities providing individuals with more benefits than costs o No activities providing individuals with less benefits than costs o Both condition must present = Economic Efficiency • Graph o Marginal cost = supply curve o Marginal benefit = demand curve o o Only Q2 = efficient • Facts o Nothing is worth doing to one’s best ability (time is costly) o Economic