Ex 8. An airline's data indicate that 50 percent of people who begin the online process of booking a flight never complete the process and pay for the flight. To reduce this percentage, the airline is considering changing its website so that the entire booking process, including flight and seat selection and payment, can be done on two simple pages rather than the current four pages. A random sample of 300 customers who begin the booking process are exposed to the new system, and 117 of them do not complete the process.
Q: When an economy dips into a recession, consumers will often be relatively pessimistic about the…
A: Recession refers to the situation when an economy is facing a downturn in economic activities as…
Q: Is the sentence above is it true or false?
A: Utility refers to the total amount of satisfaction derived from the consumption of a good or…
Q: The market equilibrium is represented by the equation 3p +7X-23 where p unit price $/unit and X…
A: Answer to the question is as follows:
Q: Suppose the demand for L.L. Bean coats is illustrated in the figure to the right. Suppose the price…
A: Revenue refers to the total amount of income that is generated from selling goods and services ,…
Q: List down the main ingredients or raw materials in manufacturing the Ferrari sports car.
A: Introduction Ferrari is one of the luxury cars which is manufactured in Maranello. Maranello is in…
Q: Refer to the classical theory. Consider an economy described by the following equations: Y=C+I+G C =…
A: as we know that equilibrium level is achieved when Aggregate demand aggregate supply are equal.
Q: You are considering borrowing $100,000 at a compound annual interest rate of 9%. The loan agreement…
A: The principal amount of the loan (P)=$100,000 Rate of interest on the loan (i)=9% per year…
Q: In case of perfect competition, a firm attains maximum satisfaction when MC curve cut MR curve. Is…
A: Perfect competition is the market structure with large buyers and sellers. The market structure…
Q: QUESTION 12 Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Volumen 3500 4000 2500 3600 4200…
A: Here we are given the input and output data using that we will calculate the total input cost.
Q: tes the demand for taxi rides in a large city. Suppose the price per ride is initially $20 but then…
A: Elasticity is the responsiveness of quantity demanded with respect to the price of the product. The…
Q: 7. Fill out the table below to give an example of each type of utility based on the scenario.…
A: Utility signifies "practical use." We allude to government offices that give water, power, and…
Q: Illustrate using a diagram why you cannot draw an indifference curve for Lexicographic preferences?
A: A set of products that give consumers equal levels of satisfaction and make them indifferent is…
Q: Explain Sraffa’s critique of the Marshallian industry supply curve based on diminishing returns…
A: Partial Equilibrium is defined as an analysis which only takes into consideration the effects of a…
Q: 4. Apply the classical theory. Consider a hypothetical economy described below: Y=C+I+G C = 50+cY -…
A: Equilibrium is where IS curve intersects LM curve. IS curve is the demand curve LM curve is the…
Q: A drought in the Midwest has reduced the production of wheat used to make cereal. At the same time,…
A:
Q: What do we mean by social dumping and what are its possible effects on the EU labour market?…
A: Social Dumping is a set of practices on a national, international or inter corporate level, that…
Q: Consider the following market for CFC-11, a known ozone-depleting substance: Demand: Q=15-1.5P…
A: In economics, economic equilibrium is a situation in which economic forces such as supply and demand…
Q: Suppose you are given the following information about a country: What is the total unemployment rate…
A: Unemployment is a persistent issue that arises when certain workers are unable to find employment in…
Q: a) Explain the nature of an indifference curve map, making reference to the graph below. QUANTITY…
A: Introduction The indifference curve shows that a consumer is indifferent to the combination of two…
Q: Positive marginal utility is when the marginal utility increases the total utility whereas negative…
A: Utility is characterised as the entire satisfaction a customer experiences when utilising a good or…
Q: What new opportunities are available in the goods markets and the financial markets in an open…
A: An open market refers to an economic system that does not impose high barriers to free-market…
Q: Economists in Funlandia, a closed economy, have collected the following information about the…
A: Private savings are the total of household and business savings.
Q: If personal taxes were decreased and resource productivity in short run increased simultaneously,…
A: Here, according to the given information, it can be said that a decrease in personal taxes will…
Q: Suppose Burundi is open to free trade in the world market for maize. Because of Burundi's small…
A: Consumer surplus refers to the difference between the price that the consumer pays for a good or a…
Q: Quantity Demanded 1 2 3 Mambr Quantity Supplied 7 5 Price $7 6 5 65432 4402019ub 14 stw boeromanicos…
A: The equilibrium price is established where the demand and supply are equal.
Q: references satisfy strong monotonicity and strict convexity. It is also true that for Lea A-E Which…
A: Monotonic preference is when a customer favours a package that has more of each good.
Q: 48. Shifts of supply and demand Answer the indicated question(s) by selecting the letter of the…
A: At Equilibrium Price, quantity demanded is equal to quantity supplied. Change in demand and supply…
Q: In case the price of a product and the total revenue from that product move in the same direction,…
A: When a product's price changes by a particular percentage but the market's demand changes by a…
Q: A job with a 88% learning curve costs $30 for the initial unit. The fourth unit should cost…
A: The learning cost curve is a curve that depicts the improvement in the resources used as production…
Q: 5) Which of the following statements is not true about utility? We can compare utility across…
A: Consumer Decision-Making: Microeconomics places great significance on consumer decision-making.…
Q: Joey's Lawncutting Service rents office space from Joey's dad for $300 per month. Joey's dad is…
A: A cost is the worth of money that has been expended in the production or delivery of a good or…
Q: Assume that the interest rate is greater than zero. Which of the following cash-inflow streams…
A: Present value is the value of investment in today's dollar. Future value is the value of…
Q: c.What is portfolio investment? d.Explain TWO (2) relative impact of international business on your…
A: The transfer of capital, technology, goods, and services between nations is referred to as…
Q: Consider the figure to the right. What change in the position of the aggregate demand curve could…
A: The aggregate demand curve depicts the total amount of commodities (and services) that the economy…
Q: a. The unemployment rate is (Enter your response rounded to two decimal places.) b. The 103 million…
A: Given information: Adult population = 261 million Employed adults = 147 million Unemployed adults =…
Q: The economists were ultimately interested in whether businesses were affected by supply chain…
A: Note: You have uploaded a question with multiple sub parts. Hence we shall answer only the first…
Q: (Chapter 13) A $20,000 machine will be purchased by a company with an MARR of 10%. It will cost…
A: Given The purchasing cost of the machine =$20,000 Installation cost =$5000 MARR =10% To find the…
Q: A bank pays 5.6% compounded daily (based on 360 days), on a 9-month certificate of deposit. If you…
A:
Q: The expression for Hui's MRS (= Ux/Uy) is given by MRS = 4.5y/(x+1). What is the value of the…
A: Given information: MRS = 4.5y / (x+1) We need to find the value of dMRS / dx at the point where x=2…
Q: Q4. Current demand for apples in a city is 1000 boxes per week. In the city, price elasticity of…
A: The price elasticity of demand measures the responsiveness of percentage change in quantity demanded…
Q: Jerry's utility function is U(x,y) = (5x + y )18. Find Jerry's MRS (for good X in terms of good Y)…
A: The quantity of a good that a consumer is prepared to consume in comparison to another good,…
Q: Provide examples of externalities. Littering while hiking is an example of a externality. A firm…
A: Externality is the term for when the production or consumption of a good results in an additional…
Q: Suppose GDP is $8 trillion, taxes are $1.5 trillion, private saving is $0.5 trillion, and public…
A: Introduction: In the question, it is given that the gross domestic product is $8 trillion, taxes are…
Q: Recently the Bank of Canada raised the key policy rate from 2.50% to 3.25%. How could it affect the…
A: Introduction Net present value is used to analyze the project. It will help to take the decision…
Q: Could you help me to compute the social optimum quantity of roses and the DWL in the competitive…
A: In the given question, The marginal cost (MC) of the producing roses is given as; MC = 30+2R and the…
Q: Q2 P= 100-2Q TC = 1200 + g2 Formulate the profit function for firm "i" given the information…
A: Here we are given the cost and revenue function of the firm and using them we will determine the…
Q: Which of the following is NOT one of the three things financial markets and institutions enable…
A: An efficient financial system is significant to a economic health of a country. Households,…
Q: Multinational corporations own assets in their home market and at least one foreign nation. Any…
A: Multinational firms have holdings in at least one international country in addition to their home…
Q: if money is worth 10% compounded monthly, compute the present value of a perpetuity of P2500 payable…
A: The concept of perpetuity refers to an infinite series of identical flow of cash. The present value…
Q: Farmers in Florida use honey bees to pollinate their orange trees. If the price of an orange…
A: In Florida the farmers use honeybees to pollinate the orange trees. The beekeepers and the farmers…
Ex 8. An airline's data indicate that 50 percent of people who begin the online process of booking
a flight never complete the process and pay for the flight. To reduce this percentage, the airline is
considering changing its website so that the entire booking process, including flight and seat
selection and payment, can be done on two simple pages rather than the current four pages. A
random sample of 300 customers who begin the booking process are exposed to the new system,
and 117 of them do not complete the process.
a. Formulate the null and alternative hypotheses needed to attempt to provide evidence that
the new system has reduced the noncompletion percentage.
b. Use critical values to perform the hypothesis test by setting α equal to .10, .05, .01, and .001
Step by step
Solved in 3 steps with 2 images
- COVID-19 has caused several shortages: paper products, hand sanitizer, and even nurses. When a hospital needs nurses, they might call Fastaff, which has been sending its nurses all around the country. Once a nurse gets an assignment, they pack their bags and need to be there within a week. During a pandemic, these assignments come with some risk, but these nurses are well compensated for their time. “They really run into the fire,” explained Fastaff Senior VP of Marketing Lauren Pasquale-Bartlett. “They’re very brave, they’re like the special forces of nursing. They go in for these really critical assignments.” The need for traveling nurses across the country has increased drastically because of the coronavirus pandemic. One of the state’s needing nurses is Ohio, according to Pasquale-Bartlett. “Particularly in the last few weeks we’ve seen a two to three increase in demand in requests for nurses to come in and support the staff,” she said. “That really indicates to us that it’s an…COVID-19 has caused several shortages: paper products, hand sanitizer, and even nurses. When a hospital needs nurses, they might call Fastaff, which has been sending its nurses all around the country. Once a nurse gets an assignment, they pack their bags and need to be there within a week. During a pandemic, these assignments come with some risk, but these nurses are well compensated for their time. “They really run into the fire,” explained Fastaff Senior VP of Marketing Lauren Pasquale-Bartlett. “They’re very brave, they’re like the special forces of nursing. They go in for these really critical assignments.” The need for traveling nurses across the country has increased drastically because of the coronavirus pandemic. One of the state’s needing nurses is Ohio, according to Pasquale-Bartlett. “Particularly in the last few weeks we’ve seen a two to three increase in demand in requests for nurses to come in and support the staff,” she said. “That really indicates to us that it’s an…COVID-19 has caused several shortages: paper products, hand sanitizer, and even nurses. When a hospital needs nurses, they might call Fastaff, which has been sending its nurses all around the country. Once a nurse gets an assignment, they pack their bags and need to be there within a week. During a pandemic, these assignments come with some risk, but these nurses are well compensated for their time. “They really run into the fire,” explained Fastaff Senior VP of Marketing Lauren Pasquale-Bartlett. “They’re very brave, they’re like the special forces of nursing. They go in for these really critical assignments.” The need for traveling nurses across the country has increased drastically because of the coronavirus pandemic. One of the state’s needing nurses is Ohio, according to Pasquale-Bartlett. “Particularly in the last few weeks we’ve seen a two to three increase in demand in requests for nurses to come in and support the staff,” she said. “That really indicates to us that it’s an…
- Suppose that you own a used car dealership. You want to sell a 2005 Honda Civic LX. You know that this car is of high quality, and it cost you $5000 to acquire it (so you will not sell it at a price below $5000). However, consumers cannot see the quality of the car at the time of purchase. They believe that 25% of the cars in the used car market are high-quality cars and 75% are low-quality cars or “lemons.” A typical lemon costs $2000 to acquire (so you will not sell it at a price below $2000). Consumers are eager to buy and are willing to pay up to $3000 for a lemon and $6000 for a high-quality car. (a) Suppose for a moment that buyers could observe the quality of your car at the time of purchase. At what price would you be able to sell the 2005 Honda Civic Accord LX? If you had a lemon instead, what price would it sell at? (Suppose as a dealer you can induce buyers to pay at their highest willingness to pay. Keep this assumption in all of the following questions.) From now on,…Suppose that you own a used car dealership. You want to sell a 2005 Honda Civic LX. You know that this car is of high quality, and it cost you $5000 to acquire it (so you will not sell it at a price below $5000). However, consumers cannot see the quality of the car at the time of purchase. They believe that 25% of the cars in the used car market are high-quality cars and 75% are low-quality cars or “lemons.” A typical lemon costs $2000 to acquire (so you will not sell it at a price below $2000). Consumers are eager to buy and are willing to pay up to $3000 for a lemon and $6000 for a high-quality car. From now on, suppose that only you (the seller) know the quality of the cars. (Buyers do not know the quality, but know the proportion of high- and low-quality cars in the market). Suppose that you could offer bumper-to-bumper warranties. You know that offering a warranty on a high-quality car costs, on average, $450 per year of warranty offered, while a warranty on a lemon is very…Cameron sells premium steak at the local market. He has a lot of customers due to the promising taste and texture of his steak. One kilogram of his premium steak costs $80.50. However, it would only cost $68.50 per kilogram if a customer buys 3 kilograms and $58.50 per kilogram if a customer buys 5 kilograms. Cameron can supply 100 kilograms of premium steak in a day, but his supply only lasts for an hour and a half. Which of the following statements is true? With this pricing scheme, Cameron is extracting all the consumer surplus. Cameron is basing his pricing scheme on the maximum amount a customer is willing to pay for his premium steak. Cameron is using third degree price discrimination by charging different prices for different "blocks" of kilograms for his premium steak. Cameron receives a larger revenue and profts with this pricing scheme compared to charging a single lower price for larger quantities. None of the above are true.
- Next Friday, you plan to sell cakes at a bake sale to raise money for your school. You plan to charge $30 per cake, and you anticipate that you will sell 10 cakes. You can either purchase cakes to sell or bake them yourself. If you purchase the cakes, they will cost $21 each. If you bake your own cakes, your cost depends upon the number of cakes you bake, as shown in the table below. Number of cakes you bake Total cost of baked cakes ($) 0 0 1 10 2 22 3 36 4 52 5 70 6 90 7 112 8 136 9 162 10 190 a) How many cakes should you bake? How many cakes should you purchase? Bake cake(s) purchase cake(s). b) Given your answer to part a, how much in total will the 10 cakes cost you? $ c) How much would it have cost you to bake all 10 cakes? $ d) How much would it have cost you to purchase all 10 cakes? $QUESTION 10 YouTube generates revenue by showing ads to consumers who watch videos on its website. Suppose that, for each person watching a video, YouTube receives one dollar in ad revenues (P=1). Arthur is a professional video-game player. He plays the video-game "Fortnite" and uploads his video to YouTube. The number of people who will watch his video depends on Arthur's effort producing the video and increasing its quality. The number Q of viewers as a function of Arthur's effort "e" is given by the function Q= Be. Arthur's offort cost is 202. His utility equals his income minus ys effort cost. To give incentives to Arthur to create better videos and attract more viewers, YouTube decides to pay Arthur a bonus b for each person watching his video. YouTube also has an operational cost 30 Operational cost - 32 which is the cost of maintaining its internet servers and administrative staff. YouTube's profit equals the ad revenue minus the payment to Arthur and the operational cost. Find…A computer reseller needs to decide how many laptops to order next month. The lowest end laptop costs $220 and the retailer can sell these for $300. However, the laptop manufacturer already announced that they are coming out with a new model in a couple of months. Any laptops that will not be sold by the end of next month will have to be heavily discounted at half-price. The reseller also needs to consider that every time he fails to fulfill a laptop order, he stands to lose $25 for every unit. Based on the past months’ sales, the reseller estimates the demand probabilities for sales (S) as follows: P(0 units) = 0.3; P(1 units) = 0.4; P(2 units) = 0.2; P(3 units) =0.1. The reseller thinks it’s a good idea to conduct a survey on whether or not his customers are going to buy laptops and how many. The survey results will either be Yes (Y), No (N) or Don’t Know (DK). The probability estimates of the results based on the demand for number of units are: P(Y|S = 0 units) = 0.1 P(Y|S = 1…
- Next Friday, you plan to sell cakes at a bake sale to raise money for your school. You plan to charge $30 per cake, and you anticipate that you will sell 10 cakes. You can either purchase cakes to sell or bake them yourself. If you purchase the cakes, they will cost $17 each. If you bake your own cakes, your cost depends upon the number of cakes you bake, as shown in the table below. Number of cakes you bake Total cost of baked cakes ($) 0 0 1 10 2 22 3 36 4 52 5 70 6 90 7 112 8 136 9 162 10 190 a.) How many cakes should you bake? How many cakes should you purchase? b.) Given your answer to part a, how much in total will the 10 cakes cost you? c.) How much would it have cost you to bake all 10 cakes? d.) How much would it have cost you to purchase all 10 cakes?A computer reseller needs to decide how many laptops to order next month. The lowest end laptop costs $220 and the retailer can sell these for $300. However, the laptop manufacturer already announced that they are coming out with a new model in a couple of months. Any laptops that will not be sold by the end of next month will have to be heavily discounted at half-price. The reseller also needs to consider that every time he fails to fulfill a laptop order, he stands to lose $25 for every unit. Based on the past months’ sales, the reseller estimates the demand probabilities for sales (S) as follows: P(0 units) = 0.3; P(1 units) = 0.4; P(2 units) = 0.2; P(3 units) =0.1. The reseller thinks it’s a good idea to conduct a survey on whether or not his customers are going to buy laptops and how many. The survey results will either be Yes (Y), No (N) or Don’t Know (DK). The probability estimates of the results based on the demand for number of units are: P(Y|S = 0 units) = 0.1 P(Y|S = 1…Next Friday, you plan to sell cakes at a bake sale to raise money for your school. You plan to charge $30 per cake, and you anticipate that you will sell 10 cakes. You can either purchase cakes to sell or bake them yourself. If you purchase the cakes, they will cost $11 each. If you bake your own cakes, your cost depends upon the number of cakes you bake, as shown in the table below.Number of cakes you bake Total cost of baked cakes ($)0 01 102 223 364 525 706 907 1128 1369 16210 190 a. How many cakes should you bake? How many cakes should you purchase?Instructions: Enter your answer as a whole number.Bake ___ cake(s) and purchase ___ cake(s).b. Given your answer to part a, how much in total will the 10 cakes cost you?Instructions: Enter your answer as a whole number. Note:- Don't use pen or paper and chatgpt