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A company Cureall has discovered an instant cure to the common cold, it is the only company that has the formula for this drug. Market research has revealed that demand for this product is P = 700-4Q, where Q represents the market supply of doses (in thousand) and P represents the market price. Cureall's total cost function is C(Q) = 60Q.
(a) Consider Cureall as a monopolist who maximises its profit. How much should Cureall charge for a dose of the drug? How much profit would Cureall make? How much would the total surplus be?
(b) Suppose that Cureall is sold to a charitable organisation whose mission is to maximise total surplus. How many doses of the drug would the organisation produce? How much would the total surplus be in this case?
Consider an experiment that results in a positive outcome with probability 0.38 and a negative outcome with probability 0.62. Create a new experiment consisting of repeating the original experiment 3 times. Assume each repetition is independent of..
the repair time for air conditioning units is believed to have a normal distribution with a mean of 39 minutes and a
Customer center operator. Raaj works at the customer service call center of a major credit card bank. Cardholders call for a variety of reasons.
The population mean of the reading scores is 100 and the standard deviation is 10. (Round the answers to two decimal places)
In the post-Reconstruction South, what was the Confederate battle flag intended to symbolize?
How does this probability compare to the probability that the word will be received correctly if we didn't use check bits, in which case all 4 bits would have to be received correctly for the word to be correct?
A man tosses a fair coin 10 times. Find the probability that he will have (i) heads on the first 5 tosses, tails on the second 5 tosses
T-scores are used on some psychological tests, such as the MMPI. T-scores have a mean of 50 and a standard deviation of 10, and therefore a z-score of -1 (one standard deviation below the mean) would be converted to a T-score of 40.
The entire batch will be rejected if at least one of those tested is defective. What is the probability that the entire batch will be rejected? Assume independence.
The next box of nails violates the guarantee. Use the Poisson approximation, after assuming independence. The guarantee is violated at least once in the next 25 boxes.
May historians feel that both the promise and disappointment of Reconstruction provided the foundation for the next 100 years of race relations in the South.
Assume that the mean of a distribution of scores is 1250, with a standard deviation of 300. What would be the value of a score that falls
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