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Solutions for Chapter 3: Statistics for Business and Economics 12th Edition

Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich

Full solutions for Statistics for Business and Economics | 12th Edition

ISBN: 9780321826237

Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich

Solutions for Chapter 3

Solutions for Chapter 3
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Textbook: Statistics for Business and Economics
Edition: 12
Author: James T. McClave, P. George Benson, Terry T Sincich
ISBN: 9780321826237

This expansive textbook survival guide covers the following chapters and their solutions. Since 130 problems in chapter 3 have been answered, more than 185466 students have viewed full step-by-step solutions from this chapter. Chapter 3 includes 130 full step-by-step solutions. This textbook survival guide was created for the textbook: Statistics for Business and Economics , edition: 12. Statistics for Business and Economics was written by and is associated to the ISBN: 9780321826237.

Key Business Terms and definitions covered in this textbook
  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • capital

    the equipment and structures used to produce goods and services

  • corrective tax

    a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

  • depression

    a severe recession

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • finance

    the field that studies how people make decisions regarding the allocation of resources over time and the handling of risk

  • game theory

    the study of how people behave in strategic situations

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • microeconomics

    the study of how households and firms make decisions and how they interact in markets

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • nominal variables

    variables measured in monetary units

  • price floor

    a legal minimum on the price at which a good can be sold

  • principal

    a person for whom another person, called the agent, is performing some act

  • private goods

    goods that are both excludable and rival in consumption

  • real GDP

    the production of goods and services valued at constant prices

  • reserve ratio

    the fraction of deposits that banks hold as reserves

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole