Hours spent calling professionals

Assignment Help Business Economics
Reference no: EM131161157

A life-insurance salesman spends 9 hours a week on the telephone soliciting new clients. From past experience, the salesman estimates that each hour spent calling students, blue-collar workers, and professionals will produce the following number of additional sales: Number of Additional Sales Hours calling Students Blue-collar workers Professionals 1 10 8 14 2 8 6 11 3 6 4 8 4 4 3 6 5 1 1 4 6 0 0 1 a. How should the life-insurance salesman allocate his phone calling time to maximizing the number of sales? Hours spent calling students=? Hours spent calling blue collar workers=? Hours spent calling professionals=? b. Now suppose the salesman decides to spend 16 hours a week soliciting new clients. How should he allocate his time? Hours spent calling students=? Hours spent calling blue-collar workers=? Hours spent calling professionals=?

 Note: please give the answer with explanation. I need explanation of these questions

Reference no: EM131161157

Questions Cloud

Shadow pricing is a key element of cost benefit analysis : Shadow pricing is a key element of cost benefit analysis. Explain what shadow pricing is and why it might be necessary to use it in a cost benefit analysis study. (B) Outline and explain two shadow pricing techniques
Which market is in excess demand : Jennifer and Drew consume orange juice and coffee. JenniferÆs MRS of orange juice for coffee is 1 and DrewÆs MRS of orange juice for coffee is 3. If the price of orange juice is $2 and the price of coffee is $3, Which market is in excess demand? Plea..
Different players impact money multiplier and money supply : Give the money multiplier and explain how the 3 different players impact the money multiplier and the money supply. Give 4 transmission mechanism and explain how each impacts the financial markets and the overall economy.
Authorities to prevent its currency from falling in value : In the late 1990s Thailand found that its currency, the Baht was overvalued. That is, its fundamental market value was being pushed below its stated par value. What foreign exchange intervention was required by the Thai monetary authorities to preven..
Hours spent calling professionals : A life-insurance salesman spends 9 hours a week on the telephone soliciting new clients. From past experience, the salesman estimates that each hour spent calling students, blue-collar workers, and professionals will produce the following number of a..
The nature of the moral hazard problem : Explain carefully, but concisely, the nature of the moral hazard problem that results from the federal deposit insurance system, explaining the roles played by both depositors and managers. Explain briefly how the problem was affected during the 1980..
What role do banks have in the process of creating money : What role do banks have in the process of creating money? Explain how a decrease in the reserve-deposit ratio affects the level of money supply.  What is the textbook version of OkunÆs Law? What are the difficulties associated with estimating this ve..
Implementation of the affordable care act : As we have briefly discussed earlier in the course, fiscal policy and monetary policy are the two most commonly used tools for influencing a nation's economy. An example of fiscal policy would be increasing spending on the military or the implementat..
Current european sovereign debt crisis : Attempts to contain the current European sovereign debt crisis are requiring substantial economic and political debate and compromise. What is the nature of the current problem? What actions would you recommend theses officials take to alleviate the ..

Reviews

Write a Review

Business Economics Questions & Answers

  What is an issue within the organization that could benefit

Consider an organization where you work, or one with which you are familiar. What is an issue within the organization that could benefit from applying ethical principles? How can these principles be used?

  Determine which workers from his department need training

Jorje is meeting with his subordinates to determine which workers from his department need training in order to handle production increases expected during next nine months.

  Create the demand, marginal revenue and marginal cost curves

A monopolist faces demand given through: P=100-4Q and has marginal costs given through: MC=10+2Q Create the demand, marginal revenue and marginal cost curves. Compute and demonstrate how much this firm will sell and what it will charge.

  Complete contracting eliminates flexibility

Contracting may not be preferable to vertical integration because of which of the following conditions: Complete contracting eliminates flexibility. Incomplete contracting may result in large transactions costs that dissipate profits. The creation of..

  Explain the problem of adverse selection and moral hazard

A health insurance company knows that there are two types of customers (smokers and non-smokers), each facing different health risks. Explain the problem of “adverse selection” and the problem of “moral hazard.” Give one example of a market in which ..

  What would be the firms optimal output price and profit

Assume the firm does enter the market and that, over time, increasing competition causes the price of telephones to fall to $35. Under these circumstances, what would be the firms optimal output, price and profit (or loss).

  Offered the alternative of receiving

Suppose you are offered the alternative of receiving either $2,007 at the end of five years or $1,500 today. There is no question that the $2,007 will be paid in full (i.e. there is no risk). Assuming that the money will not be needed in the next fiv..

  Illustrate what money supply should the fed set in year

Illustrate what money supply should the Fed set in year 2009 if it wants to keep the price level stable.

  Perceptible economic development benefits from sports teams

Public subsidies for new stadiums and arenas are commonly justified on the basis of economic benefits they will confer on the local economy rather than on public consumption externalities or on the value of an enhanced community image. In the article..

  Increase the money supply

The Fed wants to increase the money supply (which is currently 4,000) by 200. The money multiplier is 3. For each 1 percentage point the discount rate falls, banks borrow an additional 20. Explain how the Fed can achieve its goals using the following..

  Optimal capital labor ratio for this firm to minimize cost

Suppose a firm has the following production technology: one worker is required to operate on one machine (capital). More than one worker on the same machine will have a zero MPL. One worker operating on two more machines will also have zero MPK. In t..

  What the corresponding demands and total contributions

(Arbitrage) A supplier is selling hammers in two cities, Pleasantville and Happy Valley. It costs him $5.00 per hammer delievered in each city. Let p1 be the price of hammers in Pleasantville and p2 be the price of hammers in Happy Valley. Assuming t..

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