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Each salesperson in a large department store chain is rated on their sales ability and their potential for advancement. The data for the 500 sampled salespeople are summarized in the table below:Sales Ability: Fair Good ExcellentBelow Average 16 12 22Average 45 60 45Above Average 93 72 135
(a) What is the probability that a salesperson selected at random has above average sales ability and is an excellent potential for advancement?
(b) What is the probability that a salesperson selected at random will have average sales ability an and good potential for advancement?
(c) What is the probability that a salesperson selected at random will have below average sales ability and fair potential for advancement?
(d) What is the probability that a salesperson selected at random will have an excellent potential for advancement given they also have above average sales ability?
(e) What is the probability that a salesperson selected at random will have an excellent potential for advancement given they also have average sales ability?
A firm uses two variable inputs, labor, L, and raw materials, M, with typically shaped isoquants. It pays $20 per hour for L and $5 per unit for M. At the current mix of L and M, the marginal products of L and M are: MPL = 20 MPM = 4 Is the firm m..
Gail Dribble is analyzing the shares of Petscan Radiology. Petscan's stock pays a dividend once each year and it just distributed this year's $0.85 dividend. The market price of the stock is $12.14. Gail estimates that Petscan will increase it div..
if the economy is at point c, what is the cost of one more automobiles of one more forklifts which characteristics of the production curve reflects the law of increasing opportunity costs: its shape or its length
A construction company has purchased a crate that comes with a 3-year warranty. Repair costs are expected to average $3500 per year beginning in year 4 when the warranty expires. Determine the present worth of the crane's repair costs over its 15-..
The Manor Corporation has $800,000 of debt outstanding, and it pays an interest rate of 12 percent annually. Manor's annual sales are $2.4 million, its average tax rate is 35 percent, and its net profit margin on sales is 7 percent.
Suppose that the firm uses three inputs to produce its output: capital K, labor, L and materials, M. The firm's production function is given by Q = K^ (1/3) * L ^ (1/3) * M ^ (1/3). The prices of capital, labor, and materials are r=1, w=1, and m=1..
A company has an annual requirement for 150,000 parts, which cost $125 each. The parts require processing having a $4,000 setup cost. Each part occupies 0.5 sqft of floor space in the factory. Floor space has a total cost of $12.50 per square foot..
One day, Barry the Barber, Inc., collects $400 for haircuts. Over this day, his equipment depreciates in value by $50. Of the remaining $350, Barry sends $30 to the government in sales taxes, takes home $220 in wages
Consider a project that requires an initial investment with the following patterns of cash flow. n 0 1 2 3 4 5 Receipt $0 500 500 500 500 500 Disbursement $1000 100 140 180 220 260a) Compute the net cash flow and show it in a table or diagram.
Suppose the bank in the table below has only reserves and loans on the asset side of its balance sheet, and demand deposits on the liabilities side of its balance sheet. Assets Liabilities Reserves $36,000 Demand Deposits $300,000 Loans.
These data were used to build a multiple regression model to predict the job performance of new hires based on age and GPA. The results of the analysis are shown below. Regression Analysis: Job Performance versus Age, GPA
When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Calculate the price elasticity of demand. Is the demand for oranges price elastic, inelastic, or unit elastic.
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