What is the probability that a person wants a better

Assignment Help Business Economics
Reference no: EM132199146

A manufacturer of automobiles conducted a market survey. Sixty percent of the customers want better fuel efficiency, while 45 percent want a vehicle navigation system and 25 percent want both features.

What is the probability that a person wants a better fuel efficiency given that he wants a vehicle navigation system?

Reference no: EM132199146

Questions Cloud

Confidence interval around sample mean : A sample of 30 orders averaged $81.25. What is the 90% confidence interval around this sample mean?
Confidence interval for the population proportion : Which of the following intervals represents a 96 percent confidence interval for the population proportion?
How would you summarize question of social responsibility : How would you summarize the question of social responsibility surrounding Mylan's choice of price? What would Friedman say that Mylan should charge.
Define the term budget deficit identified in bold : Define the term budget deficit identified in bold in the text
What is the probability that a person wants a better : What is the probability that a person wants a better fuel efficiency given that he wants a vehicle navigation system?
Which workers will be hired and how much will they make : There is a 50% chance that an employee is skilled. Which workers will be hired and how much will they make?
Describe the four factors of production : Describe the four factors of production. How have the owners of Finagle A Bagel used to build the business over time? Do some research on finagle A Bagel.
First quartile of the number of citation issued per day : What is the first quartile of the number of citation issued per day?
What is the new equilibrium price and quantity : What is the new equilibrium price and quantity and how big is the deadweight loss?

Reviews

Write a Review

 

Business Economics Questions & Answers

  Formulate intercept-slope equation of kaths budget line

Kath has $80 (income M) to spend on pizza (good 1x) and coke (good 2x). The price of a slice of pizza is $4 and the price of a can of coke is $1. If Kath buys only pizza, how many can she buy? Formulate the intercept-slope equation of Kath’s budget l..

  Relationship between civilizations and globalization

What is the relationship between civilizations and globalization?

  Employment rate calculate the labor force participation rate

Assume you live in an economy that has a population of 2,000,000 people over the age of 16. The labor force in your economy is 1,500,000 people and 1,300,000 people are currently working. Calculate the unemployment rate Calculate the employment rate ..

  Current inflation rate-reduce the cash rate

According to the RBA website, the current inflation rate is 1.5%. The RBA normally aims for inflation to be between 2 and 3 per cent. Since inflation is below 2%, and in reference to the media release by Glenn Stevens, why didn’t the RBA reduce the c..

  Disinflation may cause

Disinflation may cause

  Demand definitely predict for the cement market

If an earthquake decreases cement supply by disabling a major cement plant and increases demand by necessitating repair jobs, what does the model of supply and demand definitely predict for the cement market?

  Firms in competitive and well-functioning markets

Economists believe that it is generally not possible for firms in competitive and well-functioning markets to reap any extra profits from hiring superior factors of production in the long run. With the aid of diagrams, carefully explain the reasoning..

  Game theory to determine whether or not firm will advertise

Consider the premier coffee industry, assuming Starbucks and Peet’s Coffee are the only two firms in the market. Both firms are contemplating the decision to advertise or not (for simplicity, assume the firms only decide whether or not to advertise, ..

  Defined to include only imports of final goods

hould the measure of imports used in the GNP accounts therefore be defined to include only imports of FINAL goods and services from abroad. What about export.

  Discuss the effect of price ceiling imposed by government

With the help of a diagram, discuss the effect of price ceiling imposed by the government on the welfare to the society (consumers' and producers' surplus) If the ceiling price were set below the equilibrium price.

  Preferences can be represented by the utility function

Bernice’s preferences can be represented by the utility function, U(x, y) = min{x, y}. She faces prices ($2, $1), and her income is $12. If prices change to ($3, $1), the compensating variation

  Calculates the x point price elasticity of demand

IM’s utility function can be expressed as u(x, y) =?1/X + y and his monthly income is 10 DOLLAR. Given that price for X is P won and Y is 1 DOLLAR, Calculates the X point price elasticity of demand.

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!

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