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Unformatted text preview: 1 Section Notes Week 11 Outline Key Concepts Practice Problems Health Risk Risk Exposure MidSemester Evaluations Environmental Services Practice Problems 1. Let’s spend some more time with the trade model. Suppose there’s two goods, X and Y . The PPF function, expressed in terms of Y (i.e. the most amount of good Y that can be produced if x units of good X are produced), is y = x 2 + 4. (a) Draw the PPF. (b) If P X , the price of good X , is 2 and P Y is 1. Where would production in this economy be (that is, how much X , how much Y )? ( X,Y ) = (1 , 3) (c) If P X = 2, P Y = 1 2 , what’s the production? ( X,Y ) = (2 , 0) (d) If P X = 5, P Y = 1? ( X,Y ) = (2 , 0) (e) Now what if I tell you production is ( x = 1 2 , y = 3 . 75), and P Y = 1, what must P X be? P X = 1 2 2. Let’s look at the fisheries model one more time and understand the economically optimal point. If you have the following three pieces of information: growth function, g ( S ) = 10 S . 02 S 2 , the cost of harvesting...
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 Spring '09
 ZELBERMAN
 Normal Distribution, Probability distribution, probability density function, Cumulative distribution function

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