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The shape of the distribution of the time required to get in oil change at a 15 minute oil change facility is unknown. However records indicate that the mean time is 16.2 minutes and the standard deviation is 3.3 minutes.
What is the probability that a random sample of n= 40 oil changes results in a sample mean time less than 15 minutes ? (Round 4 decimal places)
Suppose the manager agrees to pay each employee a $50 bonus if they meet a certain goal. On a typical Saturday the oil change facility will perform 40 oil changes between 10 AM and 12 PM. Treating this as a random sample there would be a 10% chance of the mean oil change time being at or below what value.
There is a 10% chance of being at or below or mean or oil change time of ______ minutes?
Jack owns an auto repair shop, specializing in European cars. With three full-time mechanics, Jack's shop repairs/services 15 cars per week. Each worker is paid $500 per week. Calculate Jack's total variable cost (TVC), marginal cost (MC), and averag..
Suppose biochemists discover an enzyme that can double the amount of ethanol that may be derived from a given amount of biomass. Based on this technological development, we expect the supply curve for ethanol to shift to the right.
Explain the math and graph of the Life Cycle Theory of Consumption. Using this equation and graph of the Life Cycle Theory of Consumption, explain how a consumer would react to winning the lottery vs. gaining a significant pay raise at work. Explain ..
Consider a French-owned cheese factory located in Paris, France. Are the goods made by the cheese factory part of the U.S. Gross Domestic Product
Using your knowledge of utility and consumer behavior and the data below, show exactly how you would spend your income, on which goods and why. Be sure to calculate the MU/P for good X and good y, and then proceed. (20 pts) Q MU x MU y 1 90 150 2 84 ..
Explain whether the following events will affect fixed costs or variable costs (make sure you justify your answer):
Create a table where Q equals 0, 10, 20, 22.5, 30, 40 50 and 55. In the table include Quantity, Price, Total Revenue, Marginal Revenue (where MR equals the change in TR divided by the change in Q in the table), MR where MR=a-2bQ (include an explanati..
What are the primary functions of the foreign-exchange market? Who are the participants in the market? How do global companies use the foreign-exchange market to hedge against foreign-exchange risks?
Consider two policies: a tax cut that will last for only one year and a tax cut that is expected to be permanent. The______ policy will stimulate greater spending by consumers. The______ policy will have the greater impact on aggregate demand.
How are prospective payments using DRGs intended to change the incentive structure for hospitals
Two hospitals want to merge. The price elasticity of demand is -0.20, and each clinic has fixed costs of $100,000. One clinic has a volume of 9,200, marginal costs of $70, and a market share of 3 percent. What are the total costs, revenues, and profi..
Suppose the production function is Cobb-Douglas, y = x 1/2 1 x 3/2 2. What is the technical rate of substitution? Does this technology demonstrate increasing, decreasing or constant returns to scale?
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