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Suppose vacationers and business travelers have the following demand for airline tickets from New York to Boston: Price Quantity Demanded (Business Travelers) Quantity Demanded (Vacationers) 150 2100 1000 200 2000 800 250 1900 600 300 1800 400 As the price of tickets drops from $250 to $200, calculate the price elasticity of demand for business travelers and the price elasticity of demand for vacationers?
a) Business Travelers: _________ Elastic, Inelastic or Unitary? _________
b) Vacationers: __________ Elastic, Inelastic or Unitary? __________ Why might vacationers have a different elasticity than business travelers?
suppose that n items are sampled from a manufacturing process and the number of de- fective items found among these is
The president of an agency specializing in public opinion surveys claims that approximately 70% of all people to whom the agency sends questionnaires responds by filling out an returning the questionnaire.
Simplify the principal square root of 64 z^4. Assume that z represents a positive real number.
suppose there are three bills in a wallet. one of thebills is a 1 one is a 5 and one is a 10 bill. you selecttwo bills
after a losing season there is a great uproar to fire the head football coach. in a ran-dom sample of 200 college
Define the rejection region. State the statistical decision.
What factors are most important in determining a research design? The response should be relevant to particular area of interest.
the average drive to work for a sample of 6 teachers at a large high school is 17 miles. the standard deviation of this
The probability that the daily demand at this store is at least one and at most three is:
A discussion of extreme weather reports that: "In most states, hurricanes occur infrequently. Yet, when a hurricane hits, the losses can be catastrophic.
Their probabilities for success on a single play are p for A and q for B, and successive plays are independent. Determine the probability that A wins the contest given that A plays first.
What is the probability winning a contract to build either the school or the hospital? The school only? The hospital only?
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