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Marketing firm specializes in assessments of local restaurants and have been asked to rate local restaurants. The restaurants are rated as good, fair, or poor. From the firm's rating system, 72% of the restaurants were rated good, 20% of the time rated poor, and the remainder were rated fair. Of those rated good, 80% made a profit in the 1st year, 65% of those rated fair made a profit in the 1st year and 45% of those rated poor made a profit in the 1st year.
a. What is the overall probability that a restaurant made a profit in the first year?
b. What is the likelihood that a randomly selected restaurant that made a profit in the first year that was rated poor by the marketing firm?
Consider the following data extracted from an after-tax cash flow calculation.
Based on your calculations in completing the table in Question 2, what is this manufacturer's minimum cost output level? Explain your answer.
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Suppose the government imposes an ad valorem tax on coal producers of 7% of the sale price. What is the competitive equilibrium in the absence of the tax? What is the competitive equilibrium with the ad valorem tax? What is the change in consumer sur..
Academic researchers usually develop more complex also eworkerate models than applied researchers.
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