A farmer's income depends on weather conditions. The weather is excellent, normal, or bad with respective probabilities of 0.2, 0.6, and 0.2. Suppose she earns a revenue of $120 when the weather is excellent, $60 when the weather is normal, and -$40 when the weather is bad. She incurs a cost of $20 irrespective of weather conditions. Her expected profit is:
a. 32
b. 68
c. 48
d. 52

Witch is an example of a non durable good?

Both a demand curve and a demand schedule show how a. prices affect consumer demand. b. consumer demand affects income. c. prices affect complementary goods. d. consumer demand affects substitute goods.

One country has a comparative advantage over another country in the production of a good if ithas a curved production possibilities curve and the other country has a linear production possibilities curve.has lower fixed costs than the other country. has a linear production possibilities curve and the other country has a curved production possibilities curve.is a lower opportunity cost producer of the good.