User Account

All Pages

Thinking of expanding to another market

Assignment Help Basic Statistics
Reference no: EM131191220

Question:

You operate a delivery service in your local area, but you are thinking of expanding to another market. You're concerned that you might need to set different prices in the new market because the cost of gas might be much different.

Identify 10 gas stations in your local area.

Record the price per gallon for each gas station.

Research supply and demand curves for gasoline.

Create an Excel® spreadsheet in which you do the following:

  • Create a supply curve for gasoline.
  • Create a demand curve for gasoline.
  • Calculate the average cost of gas in your local area.
  • Calculate the standard deviation.

Determine whether the prices in your local area are higher or lower than the national average.

Create a 700-word proposal in which you include the following:

  • Explain elasticity of supply and demand and how this relates to your pricing decision.
  • Determine if your prices will be higher, lower, or the same for the new location.
  • Defend the pricing decision including all supporting documentation.

Reference no: EM131191220

Questions Cloud

What is the intrinsic value of the call : A particular call is the option to buy stock at $25. It expires in six months and currently sells for $4 when the price of the stock is $26. What is the intrinsic value of the call? What is the time premium paid for the call
Influencing rural household participation : An economic analysis of the livelihood factors influencing rural household participation in extraction of forest products(Please formulate a questionnaire)
Explain what n represents in your program : Make some assumption about how long it would take to execute one of the operations that you are counting. Determine how large n would have to be so that the time required would exceed a million years. Is there a more efficient algorithm that will ..
Random sample of observations : Suppose that X1...Xn be a random sample of observations from a uniform distribution : X~Uniform(θ, θ+1). What is the MVUE(minimum variance unbiased estimator) for θ?
Thinking of expanding to another market : You operate a delivery service in your local area, but you are thinking of expanding to another market. You're concerned that you might need to set different prices in the new market because the cost of gas might be much different.
Is the cost of t shirts a fixed or a variable cost : What are the total cost of shirts and cost per shirt if sales amount to 2,000, 2,500, 3,000, 3,500, or 4,000?- Is the cost of T-shirts a fixed or a variable cost?
Three horses finish first : The probability that the three horses finish first , second and third is ___.(Round to four decimal places asneeded.)
Different accounting standard setters : What might explain the fact that different accounting standard-setters have developed accounting standards that are sometimes quite different in nature?
Calculate the critical degrees of freedom : Calculate the critical degrees of freedom and identify the critical t value for a single-sample t test in each of the following situations:

Reviews

Write a Review

Basic Statistics Questions & Answers

  The us post office is interested in estimating the mean

the u.s. post office is interested in estimating the mean weight of packages shipped using the overnight service. they

  Certain time of the purchase

The appliance giant offers a replacement guarantee on kettles which malfunction within a certain time of the purchase, but due to financial constraints, can only afford a maximum of 5% replacements. What must the guarantee period be?

  Suppliers benefit a company in the long run

How will staying with single suppliers benefit a company in the long run? When multiple suppliers are used, where does the emphasis tend to be placed? How can a company be sure that its single-source suppliers will not fail to meet demand?

  What is the value of the population mean

What is the value of the population mean? What is the best estimate of the value?

  Probability based on uniform distribution

Suppose you bid $12000.  What is the probability that your bid will be accepted?

  Spot the type of forecasting approach for limited historical

If historical time series data is very limited, what type of forecasting approach would be useful.

  Sampling required to estimate mean speed

How large a sample is required to estimate the mean speed with a margin of error equal to 2 miles per hour with 90% confidence?

  Compute the correlation coefficient

The random variables X1, X2, and X3 are independent and Exp(1)- distributed. Compute the correlation coefficient ρX(1) ,X(3). Let X1 and X2 be independent, Exp(a)-distributed random variables.

  Characteristic function of the linnik

Remark. The characteristic function of the Linnik(α)-distribution (α > 0) is ?(t) = (1 + |t|α)-1.

  Test the budgeted amount

The program office budgets $30,000 per program review at the contractor's site. Your concern for "end of year" spending drills is that you have budgeted enough for the reviews

  Define the population of interest

The National Park Service has started charging a user fee to park at selected trailheads and crosscountry ski lots. Some users object to this fee, claiming they already pay taxes for these areas. The agency has decided to randomly question selecte..

  Consists of personal interviews with participants

For a study that consists of personal interviews with participants (rather than mail or phone surveys), explain why simple random sampling might be less practical than some other sampling methods.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd