I am the God of Hellfire

* The probability that a consumer uses a plastic card when making a purchase is .37.
* Given that the consumer uses a plastic card, there is a .19 probability that the consumer is 18 to 24 years old.
* Given that the consumer uses a plastic card, there is a .81 probability that the consumer is more than 24 years old.

U.S. Census Bureau data show that 14% of the consumer population is 18 to 24 years old.

Dear adrjaboor,

The problem as stated doesn’t give enough information to find an exact answer.
From the problem statement,
P(uses plastic) = 0.37,
P(18 ≤ age ≤24 | uses plastic) = 0.19,
P(age > 24 | uses plastic) = 0.81, and
P(18 ≤ age ≤ 24) = 0.14,
where the vertical bar "|" stands for "given."

From the definition of conditional probability,
P(uses plastic | age > 24) = P(uses plastic & age > 24) / P(age > 24)
= P(uses plastic) P(age > 24 | uses plastic) / P(age > 24)
= (0.37) (0.81) / P(age > 24)
= 0.2997 / P(age > 24).

However, P(age > 24) isn’t known, and can only be determined within a wide range. The reason is that it’s also possible for consumers to be under 18, and the problem says nothing directly about this category. Since P(uses plastic & age > 24) = 0.2997, then this number serves as the greatest lower bound of P(age > 24), so
P(age > 24) ≥ 0.2997 (call this L). Since P(18 ≤ age ≤ 24) = 0.14, then the least upper bound of P(age > 24) would be if P(age < 18) = 0, so P(age > 24) ≤ 0.86 (call this U).

Therefore, since 0.2997 ≤ P(age > 24) ≤ 0.86,

0.2997 / U ≤ P(uses plastic | age > 24) ≤ 0.2997 / L
0.2997 / 0.86 ≤ P(uses plastic | age > 24) ≤ 0.2997 / 0.2997
0.348488 ≤ P(uses plastic | age > 24) ≤ 1.

In other words, without additional information, the best you can say is that the probability is at least 0.348 that a consumer uses a plastic card, given the consumer is over 24 years old.

Just wondering your thoughts as to how we might increase consumer confidence and consumption and why you think your idea will work.

What are some short-term and long-term ways to approach this problem?

given the weak US job market, it may take some time for consumption to be resilient; consumer confidence is just an indicator showing that how confident are consumers in spending in the near term; it’s not what consumers had spend;

expansionary monetary and fiscal policies can be used for short-term and long-term but again it’s up to the consumers to decide whether to spend or not; actually, the disposable income and consumption spending r related;

I want to shop for consumer electronics in India where I can buy real cheap. Would someone suggest me some good websites?

If you want to experience the wonderful online shopping, then you are easy to get access to world resource. Today’s world is showing what it owns before your eyes and there is no boundary of consumer electronics.You should enjoy the convenience to large extent.

Give a glance at http:www.chinazrh.com (one of the outstanding online wholesale electronics suppliers in China)and you will be satisfied.

The demand curve for product X is given by Qdx=460-4Px

1. How much consumer surplus do consumers receive when Px=$35?
The back of the book says the answer should be $12,800 but I don’t understand how to arrive at that answer.

2. In general, what happens to the level of consumer surplus as the price of a good falls?

As the price of a good falls the consumer surplus rises. The area for consumer surplus is that small triangle just below the demand curve but above the price line. First of all, from the demand equation, lets calculate the value of Px when Qdx is set to 0. This will give you 115. Now if you plot all these on a graph with a downword sloping demand curve you will have two price level on the vertical axis,i.e. one at $35 (equilibrium price) and the other one is 115 (the price at which there is no demand for X). On the horizontal axis you can simply calculate the Quantity demanded when the price is $35 which is equal to 320.Ok now you can easily find the area for the small triangle (consumer surplus) which has a height of 80 (115-35) and a base of 320. From basic maths, area of triangle = 1/2*base*height:

Therefore, consumer surplus = 1/2 (80) (320) = 12800

How is wealth ultimately created? Would it matter whether one spent a dollar on bus fare, or a luxury watch? Or is the answer simply dependent upon which contributes more to overall investment in new technologies, efficiency, etc. (whatever drives wealth creation) - and this could be consumer spending or business resources.

Yes it matters, but not as much as spending vs. not spending, especially as you are referring to consumer spending.

For example, government spending on military hardware creates much less economic growth, both in the short term and the long term, than money spent on schools and education.

All other things being equal, money spent on services and on labor intensive goods has a higher multiplier effect than money spent on capital intensive goods such as cars and electronics. It is also the case that goods with higher local content have a higher multiplier effect than goods with lower local content.

Thus, for a government wanting to stimulate the economy, it matters how it does so. Simple tax cuts for the rich (1.03) and payroll tax cuts for corporations have less stimulus value (1.29) than increasing foodstamps (1.73) and extending unemployment benefits (1.64).
http://www.economy.com/mark-zandi/documents/assissing-the-impact-of-the-fiscal-stimulus.pdf
http://www.cbsnews.com/stories/2009/07/26/eveningnews/main5189631.shtml
http://www.northbynorthwestern.com/2009/02/20237/why-you-should-care-about-the-stimulus-plan/

How was the Opium war related to social and consumer trends in Britain?

What does this tell us about China’s shifting position in the global economy?

1st answer) Because China refused to fix the trade imbalance, Britain resorted to Opium. A highly addictive drug grown in North India. The grab for Opium in China soon increased dramatically. Instead of Britain paying for the imports, it is now China.

2nd answer) Because of the Opium War(S) (There is two), China is now in a worse position forever, making it a easy target for conquering nations. China’s Economy slipped down even more, because they had to pay heavy indemnity for Britain, and had to give up Hong Kong in the Treaty of Nanjing.

Refer to the “Producer-Consumer Reltionship” program you have given, now: What would be the effect of reversing the two P operations in the consumer process ? What would be the effect of reversing the two V operations in the producer process ?

Reversing of the two p operations is a bronzer idea

I would like to find detailed consumer reports on electric scooters, and not independent blog posts. Also, I am not interested in motorized scooters (these require gas), I am only looking for electric.

The best website I know:
http://www.greenvh.com/

Who is the biggest consumer of beauty supplies worldwide?
I am writing a paper and am a little crunched for time (seems to be the norm for me though lol). I am looking for statistics about the largest consumer of beauty supplies worldwide. If you know a good place for me to look please let me know. Or if you know the answer please tell me where you got it from.
I should have said this to begin with, I need statistics for which countries are the largest consumers of beauty supplies.

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As above, I noticed that professional are more expensive than the standard consumer level MinDV cassettes. Alright, so what makes that mighty difference?

Secondly, would there be any point investing in these more expensive cassettes for a consumer-cum-prosumer?

If you are referring to the "special" HD tapes, the oxide formulation and binding agents are different.

But a decent miniDV tape - like the Sony "Premium" tapes at about $3 each (Frys has 8-packs for $24.99 and tapestockonline sells them cheaper in quantities) - and don’t re-use the tapes, and you’ll be fine. I’ve been using them for 5+ years and have not had a problem.