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Jim Sellers is thinking about producing a new type of electric razor for men. If the market were favorable, he would get a return of $100,000, but if the market for this new type of razor were unfavorable, he would lose $60,000. Since Ron Bush is a good friend of Jim Sellers, Jim is considering the possibility of using Bush Marketing Research to gather additional information about the market for the razor. Ron has suggested that Jim either use a survey or a pilot study to test the market. The survey would be a sophisticated questionnaire administered to a test market. It will cost $5,000. Another alternative is to run a pilot study. This would involve producing a limited number of the new razors and trying to sell them in two cities that are typical of American cities. The pilot study is more accurate but is also more expensive. It will cost $20,000. Ron Bush has suggested that it would a good idea for Jim to conduct either the survey or the pilot before Jim makes the decision concerning whether to produce the new razor. But Jim is not sure if the value of the survey or the pilot is worth the cost. Jim estimates that the probability of a successful market without performing a survey or pilot study is 0.5. Furthermore, the probability of a favorable survey result given a favorable market for razors is 0.7, and the probability of a favorable survey result given an unsuccessful market for razors is 0.2. In addition, the probability of an unfavorable pilot study given an unfavorable market is 0.9, and the probability of an unsuccessful pilot study result given a favorable market for razors is 0.2. a. Draw the decision tree for this problem without the probability values. b. Compute the revised probabilities needed to complete the decision, and place these values in the decision tree. c. What is the best decision for Jim? Use EMV as the decision criterion
Find the inverse demand curve. How much consumer surplus do consumers receive when Px=$35? How much consumer surplus do consumers receive when Px=$25? In general, to the level of consumer surplus as the price as the price of a good falls?
You manage the plant the mass produces engines by teams of workers using assembly machines. The technology is summarized by production: Find out the short run production function? Find out the total cost function for your plant to produce q engines ..
Define asymmetric information. Distinquish between hidden characteristics and hidden actions. Which type of asymmetric information contributes to the principal agent problem?
Suppose you are able bodied and intelligent, but lazy. You would rather sit home and watch tv than work, even though you know you could find an acceptable job if you looked. a. Are you officially unemployed b. Are you a discourage worker
1. Describe Senator Reid's delivery style 2. What type of presentation is Senator Reid giving Is this the most effective style of presentation for this situation Why or why not
Explain how each of the following will affect the demand for computers:(i) a rise in incomes,(ii) an expected drop in the price of computers,
Determine the short run average variable cost and the marginal cost functions. Determine the output level that minimizes short run average variable costs
How do costs play into your everyday life For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate? Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)
Pick a good or service you are familiar with. Speculate how the price for that good or service may have been set and how well this price maximizes profit for the company and determine what shifts the company should make in its pricing strategy.
3. Would expanding coverage of pharmaceuticals to all Canadians necessarily cost more than is currently spent? Describe one approach to expanding pharmaceutical coverage. 4. Describe the four components of home care policies.
Differentiate the expenditure versus income approach to GDP and discuss why are the results the same? What are some of the drawbacks of using GDP while doing international comparisons among countries?
6. What is the capitalized equivalent amount worth, at 8% annual interest compounded semiannually, for a present initial cost investment of 50,000 a series of semiannual positive disbursement of 5,000 that extent to infinity and in 12 years th..
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