The expected value of a car to a buyer if there is no way to know if the car is high-quality plum or a low-quality lemon will be $6,100.
How is the Expected value of car derived?This will be calculated by getting the sum of the probability of getting a low-Q car * value of a low-Q car and probability of getting a high-Q car * the value of a high-Q car.
Expected value of car = (Chance of HQ car * $9,500) + (chance of LQ car * $5,500)
Expected value of car = (0.15 * $9,500) + (0.85 * $5,500)
Expected value of car = $ 6,100
Therefore, the expected value of a car to a buyer will be $6,100.
Missing words "If all sellers offer their cars for sale and buyers have no way of determining whether a car is a high-quality plum or a low-quality lemon, the expected value of a car to a buyer is ---"
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The dated date of a municipal bond is january 1, 2014. the first coupon date is august 1, 2014. the first coupon will represent how many months of interest?
M1 is comprised of currency held outside banks + traveler’s checks + __________.
When a person whose duty is conditional leads the other party to rely on his noninsistence on the condition, the condition will be excused because of a(n) _____?
In the __________ decision-making method, group members voice their feelings and opinions, but the final decision is made by the boss or leader. authority consensus majority rule unanimous
The authority decision-making method allows group members to express their opinions, but the leader makes the ultimate decision.
In the authority decision-making method, group members are invited to voice their feelings and opinions, but the boss or leader makes the final decision. This method differs from other common decision-making techniques such as majority rule, where a simple majority is enough to make a decision, and consensus rule, which requires unanimous agreement among all group members before a decision can be finalized.
Authority decision-making can be efficient in terms of time-saving, as it does not require the lengthy process of achieving consensus or majority. However, it also means that the needs and wants of the majority can be overlooked if the authority's decision does not align with them. This method is most effective when the designated authority or expert is highly respected or when the group members lack the knowledge or expertise in the matter at hand.
A __________ is calculated as a flat percentage of income earned, regardless of level of income.
A greenhouse in a? tri-county area has kept track of its customers for the last several years and has determined that? 28% of its customers plant a vegetable garden in the spring. the greenhouse obtains a random sample of 1000 of its customers. what is the mean of the sampling distribution of modifyingabove p with caretp?, the sample proportion of customers that plant a vegetable garden in the? spring?
Answer:
The mean is 280 customers.
The sample proportion is 28%.
Explanation:
For each customer, there are only two possible outcomes. Either they plant a vegetable in the spring, or they do not. This means that we can solve this problem using concepts of the binomial probability distribution.
Binomial probability distribution.
Probability of exactly x sucesses on n repeated trials, with p probability. Has an expected value of:
[tex]E(X) = np[/tex]
In this problem, we have that:
There are 1000 customers, so [tex]n = 1000[/tex].
28% of its customers plant a vegetable garden in the spring. This means that [tex]p = 0.28[/tex].
So:
What is the mean of the sampling distribution of modifyingabove p with caretp?
The mean is the expected value, so:
[tex]E(x) = np = 1000*0.28 = 280[/tex]
The mean is 280 customers.
The sample proportion of customers that plant a vegetable garden in the? spring?
It is the same as the population proportion, so the sample proportion is 28%.
The positive principle, the constructionist principle, and the simultaneity principle are principles of:
Taco bell is introducing some of its products into supermarkets, vending machines, college campuses, and other locations to increase its product availability and convenience. one reason taco bell is doing so is to:
What are the practical consequences of a lack of strategic linkage between the business and the operations function? give examples?
For businesses to succeed, they need to adopt policies that will translate to success. The practical consequences of a lack of strategic linkage between the business and the operations function are;
Misdirected effortsRepetition of tasksWastage of resourcesThe downward spiral of the businessWhen business owners fail to think carefully about their business so that policies that fit into their purpose are b, they will most likely make decisions that result in waste.
Businesses need to study their competitions very well to understand what works and what does not work. When they factor these very well they will make policies that will help them grow.
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Pinnacle corporation is a manufacturing company operating numerous machines. these require regular maintenance to keep them operational. the fixed portion of maintenance costs are $3,000 per month. maintenance costs are also incurred at the rate of $5 per setup and $0.50 per unit produced. the company produced 23,000 units in 800 batches during a particular month. what will be the total cost of maintenance for this month?
Final answer:
The total maintenance cost for Pinnacle Corporation for the month is calculated by adding the fixed maintenance costs, setup costs, and production costs together, which gives a total of $18,500.
Explanation:
To calculate the total maintenance costs for Pinnacle Corporation, we need to take into account the fixed monthly costs, the cost per setup, and the cost per unit produced. The fixed maintenance cost is given as $3,000. The variable costs include $5 per setup and $0.50 per unit.
Therefore, the total cost for the setups can be calculated as:
Setup costs = Number of setups × Cost per setup
Setup costs = 800 × $5
Setup costs = $4,000
Similarly, the total cost for the units produced can be calculated as:
Production costs = Number of units produced × Cost per unit
Production costs = 23,000 × $0.50
Production costs = $11,500
Adding the fixed costs, setup costs, and production costs together:
Total maintenance costs = Fixed costs + Setup costs + Production costs
Total maintenance costs = $3,000 + $4,000 + $11,500
Total maintenance costs = $18,500
The total maintenance cost for the month is $18,500.
It is really necessary for service firms to engage in research and development? in planning for production and operations control?
Yes, service firms need to engage in research & development and production and operations control to stay competitive, adapt to marketplace changes, optimize their operations, and meet customer needs effectively.
Explanation:Yes, it is indeed very important for service firms to engage in research and development (R&D) as well as production and operations control. This is because R&D can help a service firm innovate and stay competitive in the marketplace. For instance, a financial services firm might conduct research to develop new financial products or services that meet the changing needs of customers.
As for the need for production and operations control, this is a key component in ensuring that the firm runs smoothly and efficiently and that customer needs are being met appropriately. Large-scale service firms, including those in logistics and transportation, telecommunications, and IT services, heavily invest in operations control to maintain service quality and reduce costs.
In sum, both R&D and operations control are essential for service firms to adapt to changing market conditions, optimize their operations, and continue providing high-quality services to their customers.
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Service firms must engage in research and development to improve technology and operations, allowing them to remain competitive in a dynamic market. R&D can create technology that benefits many and contributes to public knowledge, leading to positive externalities. The competitive market structure influences R&D as firms seek to innovate and maintain unique positioning.
Explanation:It is indeed necessary for service firms to engage in research and development (R&D) to enhance their level of technology and operation. Service firms need to respond to the changing market demands and improve operational efficiency to remain competitive. The process of R&D can lead to innovation that provides a firm with a competitive edge. Companies attempt to answer several key questions through research and operation planning activities such as what products to produce, the production process, output volumes, pricing strategies, and labor requirements.
R&D creates technology that eventually becomes widely available, which can drive a firm to innovate to maintain a unique market position. While R&D investments can be expensive and sometimes politically influenced, the benefits typically include the creation of positive externalities such as advancements in industry standards or contributions to public knowledge. Market structure and the competitive environment also influence a firm’s decision to undertake R&D projects.
Investing in R&D tends to be vital for a firm's progress and creates positive externalities that can benefit the larger society over a specified period of time. This not only helps in the evolution of new products and services but also in refining existing operations and production strategies.
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Henry lives in a country where the government gives many incentives to produce military goods and few incentives to produce consumer goods. Henry knows a more efficient way to finish his task at work and feels like sharing it with his boss. However, he has no incentive to share it. Which type of economy does Henry most likely live in?
Answer:
The correct answer is: Command Economy.
Explanation:
A Command Economy is one where the government controls the economy, acting as a central planner, dictating production quotas and distribution levels, and setting prices. Such economies exist in communist or socialist states as China, North Korea, or the former Soviet Union. These economies have low to none incentives for individual planners and government workers.
A monopoly is producing a level of output at which price is $80, marginal revenue is $40, average total cost is $100, marginal cost is $40, and average fixed cost is $10. in order to maximize profit, the firm should
Final answer:
The monopoly should continue producing at the current output level where marginal revenue equals marginal cost, as it's the profit-maximizing condition. However, since the price is less than average total costs, the firm is currently making a loss on each unit sold.
Explanation:
In this scenario, the monopoly is currently producing output where the marginal revenue (MR) equals the marginal cost (MC), both at $40. To maximize profit, a monopoly should follow the rule of producing up to the quantity where MR equals MC. Since this condition is already met, no change in output level is required to maximize profits in the short run despite the current loss due to average total cost (ATC) being greater than the price.
However, because the firm's price ($80) is currently below its ATC ($100), the firm is making a loss on each unit sold. In the long run, if the firm cannot reduce costs or increase the price, it might need to consider shutting down if it cannot sustain these losses. But in the short term, the firm should continue producing since the price is covering the variable cost, and by producing, the firm can cover some portion of its fixed costs.
Another name for the minimum desired rate of return is
Final answer:
The minimum desired rate of return, also known as the hurdle rate or required rate of return, varies according to the level of risk associated with an investment.
Explanation:
Another name for the minimum desired rate of return is the hurdle rate or the required rate of return. This is the lowest acceptable return on an investment that is determined by a manager or investor's preference. The expected rate of return is a projection of future performance, taking into account various risks such as default risk and interest rate risk. The actual rate of return is the realized gain or loss on an investment over a specific period, inclusive of capital gains and interest.
Risk is integral to making financial decisions, differentiating between low-risk and high-risk investments. Low-risk investments are expected to have actual returns close to the expected rate of return, whereas high-risk investments show a significant deviation, thus requiring a higher minimum desired rate of return to compensate for the additional uncertainty.
Ben, who runs a livestock breeding business, owes the circle c ranch $40,000. ben agrees to pay the circle c a percentage of his profits each month until the debt is paid. because of this agreement, the circle c is?
A shift to a more expansionary monetary policy will generally _________ in the short run, but if the rapid monetary expansion persists, the long-run result will be ______.(fill in the blanks.)
Tiffany scott puts $10,000 into a load mutual fund. she knows that her up-front sales commission is 6%. how much of her money actually goes to buy shares in the mutual fund?
Shirtzter, a manufacturer of men's shirts and jackets, has just reached an agreement to pay kwasiaki a substantial fee for the right to use the company's name and logo on some of its clothing lines. this type of arrangement is known as:
Linda undertakes sales training at a successful apparel manufacturing company and gets a promotion. it has been recently brought to her notice that sales have drastically dropped due to the inability of frontline sales personnel to handle customer queries at the company's retail outlets. linda should:
The discounted cash inflows of a project minus the discounted cash outflows is referred to as the _____.
The answer is net present value. It is the difference between the present value of cash inflows and the present value of cash outflows. NPV is used in capital budgeting to examine the effectiveness of a projected investment or project. A net present value that is positive stipulates that the projected earnings produced by a project or investment surpasses the anticipated costs. In general, an investment with a positive NPV will be a profitable one and the one with a negative NPV will result in a net loss.
Honey bees engage in entomophily, pollination through pollen distribution, as part of the process to produce honey. what is entomophily an example of?
Suppose the economy starts off producing natural real gdp. next, aggregate demand rises, ceteris paribus. as a result, the price level rises in the short run. in the long run, when the economy has moved back to producing natural real gdp, the price level will be
The global recession forced thousands of firms into bankruptcy. does this fact alone confirm that “external factors are more important than internal factors” in strategic planning? discuss.
Final answer:
The global recession of 2008 forced firms into bankruptcy, highlighting the impact of external factors on strategic planning. However, this does not confirm that external factors are more important than internal factors.
Explanation:
In strategic planning, both internal and external factors play a crucial role. The global recession of 2008 forced thousands of firms into bankruptcy, indicating the significant impact of external factors on strategic planning. However, this fact alone does not confirm that external factors are more important than internal factors in strategic planning. External factors such as economic downturns, market conditions, and government policies can certainly have a profound effect on businesses. However, internal factors like organizational structure, management decisions, and competitive advantage also play a vital role in shaping a firm's strategic planning.
Kayla was laid off when her company closed down due to the slow economy. kayla is structurally unemployed. cyclically unemployed. frictionally unemployed. employed. not unemployed.
A rug manufacturer has decided to use 7 compatible colors in her rugs. however, in weaving a rug, only 5 spindles can be used. in advertising, the rug manufacturer wants to indicate the number of different color groupings for sale. how many color groupings using the seven colors taken five at a time are there? (this assumes that 5 different colors will go into each rug, i.e., there are no repetitions of color.)
The number of different color groupings for sale using the seven colors taken five at a time is [tex]\boxed{21}.[/tex]
Further explanation:
The formula of permutation can be expressed as,
[tex]\boxed{^n{C_r}=\dfrac{{n!}}{{r!\left( {n - r} \right)!}}}[/tex]
Here, “[tex]n[/tex]” represents the total observations and “[tex]r[/tex]” represents number of the observation has to be arranged.
Given:
Total number of colors is 7 and the only 5 spindles can be used.
Calculation:
The number of different color groupings for sale using the seven colors taken five at a time can be calculated as follows.
[tex]^n{C_r} =\dfrac{{n!}}{{r!\left( {n - r} \right)!}}[/tex]
Substitute 7 for [tex]n[/tex] and 5 for [tex]r[/tex] in above equation.
[tex]\begin{aligned}^7{C_5}&= \frac{{7!}}{{5!\left( {7 - 5} \right)!}}\\&= \frac{{7!}}{{5! \times 2!}}\\&= \frac{{7 \times 6 \times 5!}}{{5! \times 2!}}\\&= \frac{{42}}{2}\\&= 21\\\end{aligned}[/tex]
The number of different color groupings for sale using the seven colors taken five at a time is [tex]\boxed{21}.[/tex]
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Answer details:
Grade: High School
Subject: Mathematics
Chapter: Permutation and Combination
Keywords: Different ways, select, combination, randomly picks, permutation, Rug manufacturer, 7 compatible colors, weaving a rug, 5 spindles, advertising, indicate, different colors, seven colors, no repetition of color.
When assigning an incoming facebook comment to a team member for a response, why might you want to include a personalized note with the assignment?
You might want to include a personalized note with the assignment when assigning an incoming Facebook comment to a team member for a response because may be you want to give context about the incoming Facebook comment or maybe you want to tell a team member about why you chose them to handle it.
A company borrows 100,000 today at 12% nominal annual interest. the monthly payment of a 5 year loan is most nearly:
Final answer:
To find the monthly payment of a 5-year $100,000 loan with 12% nominal annual interest, convert the annual interest to monthly (1%), calculate the number of payments (60), and apply the annuity payment formula. The estimated monthly payment is $2,224.65.
Explanation:
Calculation of Monthly Payment for a 5-Year Loan
To calculate the monthly payment of a 5-year loan of $100,000 with a 12% nominal annual interest rate that is convertible monthly, we will use the formula for the payment of an annuity. The formula involves the principal amount (P), the monthly interest rate (i), and the number of payments (n).
First, we convert the annual interest rate to a monthly one by dividing by 12. So, 12% annual interest becomes 1% monthly interest.
We then calculate the number of payments, which is 5 years times 12 payments per year, so n = 60.
The payment formula, which is a derivation of the present value annuity formula, is:
Payment = P × (i / (1 - (1 + i)⁻ⁿ))
Substituting the values:
Payment = $100,000 × (0.01 / (1 - (1 + 0.01)⁻⁶⁰))
After doing the calculations, we find that the monthly payment is approximately $2,224.65.
The company will make this payment each month for 5 years to repay the borrowed amount in full, along with the interest accrued.
The burlington company has 12,000 units in beginning finished goods. if sales are expected to be 60,000 units for the year and burlington desires ending finished goods of 15,000 units, how many units must burlington produce?
a.57,000
b.60,000
c.75,000
d.63,000
The physical count of inventory was incorrect; it overstated the ending inventory. this would cause the
In related linked diversified firms, ____ are a complex set of resources that link the different businesses through managerial and technological knowledge, experience, and expertise.
a. corporate core competencies
b. strategies
c. support activities
d. intangible assets
The answer to this question is Corporate core competencies.
Corporate core competencies are the set of skills that the business / company have that shows how competitive the company is and it shows the organization’s strategic strengths. The corporate core competency should be unique and is difficult to be copied by the competitors.