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The management of a local restaurant wants to determine the average monthly amount spent by households in restaurants. Some households in the target market do not spend anything at all, whereas other households spend as much as $300 per month. Management wants to be 95 percent confident of the findings and does not want the error to exceed plus or minus $6. a. What sample size should be used to determine the average monthly household expenditure? b. After the survey was conducted, the average expenditure was determined to be $191.45 and the standard deviation was $48. Construct a 95 percent confidence interval. What can be said about the level of precision?
Supporters and opponents of partial privatization of Social Security agree that partial privatization plans would. Corporate welfare” is a term used by
Based on market research, Drexoogle has determined that the market demand for this product is Q = 2000 – p, where Q is in thousands of earpods and p is in dollars. Drexoogle’s cost function is 1000Q (there are no fixed costs). First, suppose that Dre..
Hospital is an example of a service processes that has
In December 1992, the federal government began requiring that all foods display information about fat content and other ingredients on food packages. The displays had to be verified by independent laboratories. The price of an evaluation of a food pr..
How much money must be invested in an account that pays 6% per year interest to be worth $20000 at the end of 8 years of (forgetting the leap years and making "convenient" assumptions) : annually
Suppose a bank will pay you a 10% interest rate on your deposits for 1 period. In this case you must sacrifice $10 of current consumption to finance. One thousand dollars given to you a year from now is worth __________ to you today if the relevant d..
Unfortunately, these days, we are inundated with news features in which businesses have violated codes of ethics. What are business ethics and please describe some modern day examples where such ethics have been challenged.
Determine profit maximization output and price. Show profits and deadweight in the graph
Assume that Wal-mart is the only employer of retail workers in a small town in Indiana. As a local non-discriminating monopsonist, Wal-mart faces a labor supply curve given by: E = 10W –100, where E is the number of workers hired each hour and w is t..
An engineer borrows $17,500 to make some repairs in his home. He must repay $378.56 a month for 5 years. What is the nominal annual interest rate Based upon continuos componding?
Marginal product equals 0 when: a) total product equals average product b) average product reached its minimum value c)average product equals zero d) total product reaches its maximum value
Explain what do you think McDonald's new launch will have a sustainable impact on its bottom line.
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