Fundamental Economic Problem

Question

Each answer 2 -3 paragraphs

Times New Roman, 12pt

Maximum 2 citations (Investopedia not permitted)

Responses must be paraphrased, not simple large citations

No headers, footers, page numbers

APA format

1. What determines a household’s consumption possibilities?

2. How would you answer someone who says that marginal utility theory is useless because utility cannot be observed?

3.  What is consumer surplus?

4. What is a firm and what is the fundamental economic problem that all firms face?

Question

Suppose 1.5 percent of the antennas on new Nokia cell phones are defective. For a random sample of 200 antennas, find the probability that:   a. None of the antennas is defective.  

 b. Three or more of the   antennas are defective.