Suppose the domestic price (without international trade) of copper is $1.20 per pound in the United States while the world price is $1.00 per pound. Assuming the small-country model is applicable and no transportation costs, the United States will

An airline estimates that 98% of people booked on their flights actually show up. if the airline books 61 people on a flight for which the maximum number is 59 (the capacity of the plane), what is the probability that the number of people who show up will exceed the capacity of the plane?