In a survey of 320 customers, 84 say that service is poor. You select two customers without replacement to get more information on their satisfaction. What is the probability that both say service is poor?
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Three mutually exclusive new designs for an aircraft engine are under consideration. The engine has a ten-year life. The first engine incurs a cost of $1.2 million for a net saving of $300,000 per annum as compared to an ...
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A mood questionnaire has been established so that the scores form a normal distribution with μ = 50 and σ = 15. A psychologist would like to use this test to examine how the environment affects mood. A sample of N = 25 i ...
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Suppose that you generate a random number between 0 and 1. (So all numbers are equally likely to come up.) a. Draw a probability distribution function for this situation. Label the axes so it is very clear! b. What is th ...
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Describe five changes in the vaiables that will cause demand for a product to increase, shifting the demand curve to the right?
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Assume P = 65 - 2Q. The cost per additional unit (MC) is zero for the first five units, and then $5 per unit after that. There are fixed costs of $50. Once the optimal level of output is determined, how much profit does ...
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Suppose the quantity of fish purchased by Mr Singh family is 21 kilos per year when the price is $11.50 per kilo and 17 kilos per year when the price is $20.50 per kilo. Calculate the price elasticity of demand coefficie ...
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In your opinion, if the government imposes unit sales tax (i.e. $ tax per unit sold) on a product, will the market equilibrium change? Which one, demand or supply will shift? Increase or decrease? Will new tax cause "dis ...
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1. Why are the costs of fixed assests depreciated? 2. Why would a bank lending officer be intersted in cash flow staement of a company that is apllying for a loan?
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Inverse Elasticity: Imagine you've started a new pizza restaurant. It costs you about $3 to produce a pizza. Last week you sold 450 pizzas for $12 each. This week you raised your price and sold 300 pizzas for $16 each. ...
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