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Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their fares 10 percent, and they anticipated that revenues would increase by about 10 percent as a result. However, when the commissioner granted the 10 percent increase, revenues increased by only about 5 percent. What can you infer about the elasticity of demand for taxicab rides? What were taxicab drivers assuming about the elasticity of demand?
Where did the 2.65 come from? Almost all calculators will calculate the value of a number raised to a power. If you don't know how to do it on your calculator, get out the instruction book. Or find a scientific calculator online -- there are plent..
A package contains 9 candy canes, 6 of which are cracked. If 2 are selected, find the probability of getting no cracked candy canes.
Find the nodes x_i and the weights w_i so that the Gaussian quadrature of the sum from i=1 to 2 of (w_i) f(x_i) approximating the integral from -1 to 1 of f(x)dx is exact when f(x) is a polynomial of as high degree as possible.
Choosing a phone plan in a college dormitory, each student has a choice of two phone companies. Company A charges $7.46 per month plus 13 cents a call and Company B charges $6.17 per month plus 17 cents per call. About how many phone calls do you ..
Simulation of an expectation. Design a simulation exercise in R to approximate the value of E ( X^X) when X has a U [0,1] distribution. Plot the value of the approximation as the sample size goes from 1 to 10,000
A furniture manufacturer produces sofas, tables, and chairs. The profits per item are, respectively, $70, $120, and $80. The pieces of furniture require the following labor-hours for their manufacture.
Maximizing the Sustainable Yield, A lake has a carrying capacity of 10,000 fish. At the current level of fishing, 2000 fish per year are taken and the fish population seems to hold fairly steady at about 4000.
During the 12-month period the couple owned the stock, Cisco Systems paid no dividends. Calculate the Hernandez's total return for this investment.
Where x is the number of hours required by a skilled craftsperson and y is the number of hours required by a semi-skilled person. Find values of x and y that minimize the labor charge. Find the minimum labor charge.
Find an equation of the tangent to the curve at the given point by both eliminating the parameter and without eliminating the parameter.
A separate sample of 500 people is mailed the second brochure; 125 get the credit card. Are the two campaigns equally attractive to customers? Find the test statistic.
Use the inverse of the co-efficient matrix to solve the equation.
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