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The entrepreneur in the previous problem did very well selling Victor shoes. His shoe supplier told him of a new product, Top Notch, that was entering the market. This shoe would be a product substitute for Victors, so that the higher the price of either shoe, the greater the demand for the other. He interviewed more potential clients to determine price response and cross elasticities. This yielded the following relationships:
Volume of Victors = 1,000 - 20Pv + 1Pn
Volume of Top Notch = 800 + 2Pv - 18Pn
where Pv = price of Victors and Pn = price of Top Notch. Develop a model to maximize the total revenue and find the optimal prices using Solver.
a random sample of 20 people found that the number of mail-order catalogs that each had received in the last month were
Find the mean, variance, and standard deviation of the oven temperature settings. Find the probability that exactly one use is for 350oF
Now suppose you meet two new friends independently, and ask each of them on what day of the week they were born.
The probability that a new advertising campaign will increase sales is assessed as being 0.60. The probability that the cost of developing the new ad campaign can be kept within the original budget allocation is 0.50.
If instead, a different mass m2 is attached to the same spring, it oscillates with a period of 0.700s. (A) find the force constant of the spring.
A. Find and interpret the median box office dollars for the ten top-grossing DreamWorks animated movies B. Find and interpret the interquartile range for these movies.
A sample of 120 homes sold recently in a big city gave the mean price of homes equal to $270,000 and the standard deviation equal to $70,000. (a) What is the point estimate of the mean price of all homes in the big city?
What is the probability that a random sample of 49 different one-hour shopping periods will yield a sample mean between 441 and 446 shoppers and what effect will this have on the standard error of the mean?
Which set of sample statistics would present the clearest picture of a real difference between the two treatments?
Critically evaluate the following statement made by a marketing executive: "Advertising is good because it always promotes competition."
Company A has just developed a diagnostic test for a certain disease. The disease afflicts 1% of the population. The sensitivity of the test is the probability
The sample mean was x=4.05 mm, and the sample standard deviation was s= 0.08 mm. Find a 95% lower confidence bound for mean wall thickness. Interpret the interval you obtained.
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