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Use the neoclassical model of business fixed investment to illustrate graphically how a plague that kills a large proportion of the labor force would change the rental price of capital. If other factors remained unchanged, how would this change the quantity of investment in the economy?
V(Y)
The notation for the variance of a random variable Y, measuring the spread of its values.
Joint Probability
The probability of two events occurring together or at the same point in time.
E(XY)
The expected value of the product of two random variables, indicating their joint variability.
Coefficient of Correlation
A measure that indicates the extent to which two variables fluctuate together. A value closer to 1 or -1 indicates a strong relationship, while a value near 0 suggests no relationship.
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