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The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends upon many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for a 2007 model year Camry, the following data show the mileage and sales price for 19 sales (PriceHub website, February 24, 2012). Suppose that you are considering purchasing a previously owned 2007 Camry that has been driven 60,000 miles. What price you would offer to the seller and why?
Miles (1000s) Price ($1000s)
22 16.2
29 16
36 13.8
47 11.5
63 12.5
77 12.9
73 11.2
87 13
92 11.8
101 10.8
110 8.3
28 12.5
59 11.1
68 15
68 12.2
91 13
42 15.6
65 12.7
Graph and label the Lorenz curve for a country in which 1/4 of the population earns 3/4 of the income, 1/2 of the population earns 1/10 of the income and 1/4 of the population earns 3/20 of the income. Assume that every individual within each class h..
In the case of the car wash, suppose that the owner wants to segment his market in terms of the willingness to pay of her customers. She thinks that segmenting the market between car owners who would pay more than $12 per car cash wash and those who ..
Your community has been chosen as the site of a new power plant that will be the source of electricity for the entire region. This power plant will be within a few blocks of your house, so you have been given the opportunity to help choose the type o..
The Performance by Patrice (PbP) Company purchased a Centaur Computer controlled manufacturing milling machine for $635,000 for use in its rear end manufacturing operations on November 8, 2007.
If the market for a product is broadly? defined, then. Which of the following will NOT cause a shift in the supply of? gasoline?
Luxembourg imports a good at a world price of $10 each. The domestic supply curve is S = 50 + 5P where P is in Ecu and lEcu = $1. Demand curve is D = 400 - 1OP. Draw demand and supply curves for this good and indicate how much is imported.
Contestable markets.: In a market an incumbent monopoly faces the following cost curve C(q)=F+cq where F>0 is a fixed cost and c>0 is the marginal cost of production. A potential entrant contests the monopoly. However, due to second mover disadvantag..
The United States is planning to push Europe towards new and more aggressive efforts to boost aggregate demand given a renewed risk of deflation in the Eurozone
Suppose a fridge cost $1490 in Brisbane in September 2009 and $790 in September 1980. Over this period, what was the real change in price and does this mean the real price of a fridge has risen or fallen over time? Show your working
Which is a behavioral economics justification for limiting advertising directed towards children? A. Children have no money. B. Children have no memory. C. Children pester their parents too much. D. Children do not always have transitive preferences.
q.a survey of households in a small town showed that in 850 of 1200 sampled households at least one member attended a
HI5003 Economics for Business Assignment. Micro economics - Choose any industry and discuss the reforms done or needed in that industry. Demand and supply of a product of your choice and factors that affect the demand and supply sides of the market
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