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A hotel chain wants to estimate the average number of rooms rented daily in each month. The population of rooms rented daily is assumed to be normally distributed for each month with a standard deviation of 24 rooms. During January, a sample of 16 days has a sample mean of 48 rooms. This information is used to calculate an interval estimate for the population mean to be from 40 to 56 rooms. What is the level of confidence of this interval calculated?
Identify all the costs in the decision process, including explicit costs, implicit costs and sunk costs. Explain what is meant by "contribution analysis". Carefully define the term and provide examples to illustrate it.
In a study of the rate at which the pesticide hexaconazole is absorbed through skin, skin specimens were exposed to 24 µg of hexaconazole. Four specimens were exposed for 30 minutes and four others were exposed for 60 minutes. The amounts (in µg) ..
you have the following information about good x and yincome elasticity of demand for good x is -3cross - price
Calculate ROE as Return on Business Assets + Financial leverage gain to ensure your calculations are correct. This serves as a useful checking mechanism.
A firm in a non-competitive market has the total cost function TC = 3 Q- 6Q2+ 50Q + 45. The demand function for this firm's product is P = 35 - 2Q- Write the firm's marginal revenue function.
Which of the following curves- average fixed cost, average variable cost, average total cost, and marginal cost- would shift as a result of the lump-sum tax Why Show this in a graph. Label the graph as precisely as possible.
Select a small business with which you are familiar. Imagine that you have been called into that business to provide a consultation on training. Create a comprehensive training proposal for the business.
Competitive markets for good and servicesExplain how each of the assumptions of perfect competition contributes to the fact that all decision makers in perfect competition are price takers.
Consider again the two countries in the previous question. Suppose the U.S. and Mexico do not trade goods at all, but workers can move freely between them. Will free movement of labor have a similar effect on real wages as free trade of goods? Explai..
When the economy is at full employment, are all workers employed? Briefly explain.
Do you think the benefits of government regulation exceed the costs? In what areas, if any, do you think the costs exceed the benefits? Cite an example of a company's efforts to circumvent government regulations. Is the use of loopholes ethical?
How much is the per-unit tax on cigarettes and what price do consumers pay after the tax - how much tax revenue is collected?
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