MAT 240 Module Two Assignment_Schiffman

You own the only pharmacy in the small town of Jackson City, which has 40,000 residents. You would like to get a sense of what the local demand is for seasonal allergy medicine so you can determine how many packages to keep in stock and what price to charge. You conduct a survey of four residents of Jackson City, asking them about the quantity of allergy medicine they would buy each allergy season at various prices. Their responses are shown in the accompanying table. Estimate and graph the demand for the entire town of Jackson City. Price Lee June Carlotta Eric   $8 8 5 6 9 $10 6 4 5 5 $12 4 3 4 3 $14 2 2 2 1 $18 0 1 1 0 I submitted this question earlier and I understand how to add up the market demand for each individual but I don't understand how to estimate the entire market demand for Jackson city which has 40,000 residents including the individuals listed in the chart. If you could please answer this specifically I would appreciate it.

Unit III Assignment Worksheet Background Information The Ruby Red Movie Theater in town is in jeopardy of having to close its doors because it is unable to generate enough total revenue.  In an effort to generate more total revenue, the movie theater manager decided to change the prices this month for drinks, popcorn, candy, hot dogs, and movie tickets. The manager would like for you to analyze the data that has been collected to help decide if the decisions to change the prices were correct and, if not, what should be done to prices to generate more total revenue. Be sure to answer all of the questions in this worksheet. Question 1 Information regarding the community’s average income and movie ticket sales at the Ruby Red Movie Theater for both last year and this year are presented below. Use this information when answering questions A–C, below.   Last Year   This Year         Community’s Average Income $55,800   $57,474         Movie Ticket Sales 4,980…

A survey of 800 college seniors resulted in the following crosstabulation (Table 1) regarding their undergraduate major and whether or not they plan to go to graduate school. Please use the information to answer questions 1-3.                                                                 Undergraduate Major  Graduate School Business Engineering Others Total Yes 70 84 126 280 No 182 208 130 520 Total 252 292 256 800   1.What percentage of the students does not plan to go to graduate school? 2.What percentage of the students' undergraduate major is engineering? 3.Of those students who are majoring in business, what percentage plans to go to graduate school?

Sonia is planning to start a new designer cloth shop. Her problem is to decide how large her shop should be. The annual returns will depend on both the size of her shop and a number of marketing factors related to the current market conditions and demand for designer wear. After a careful analysis, Sonia came up with the following table: Size of shop good market (R.O) fair market (R.O) poor market (R.O) Samll scale 1024 9765 -500 Medium scale  1500 3000 -2000 Large scale  2000 3000 -4000 Very large scale  3000 5000 -7000 a)what will be her decision based on Pessimist criteria? b) what will be her decision based on Optimistic criteria? c) what will be her decision based on Laplace criteria?

Bank clients were asked to indicate their level of satisfaction with the service provided by the bank’s tellers. Responses from a random sample of customers were as follows: 69 were very satisfied, 55 were moderately satisfied, 5 had no opinion, 3 were moderately dissatisfied, and 2 were very dissatisfied. a. Construct a bar chart. b. Construct a pie chart.

Suppose the monthly operating profits for the past two financial years for a random sample of 20 open market vendors operating at Oshetu open market are as follows: Vendor Operating profits (N$ 1000s) 2022 financial year Operating profits (N$ 1000s) 2023 financial year 1 29.5 30 2 70.3 69.5 3 69.4 70 4 46.6 42 5.63.6 63 6 85.5 85 7 100.3 99.8 8 34.3 34 9 20.2 22 10 52.5 53.5 11 88.8 85.2 12 60.9 62 13 55.1 55 14 98.4 97 15 60.6 62 16 64.0 63 17 46.4 45 18 80.6 89 FACULTY OF COMMERCE, MANAGEMENT AND LAW OLD CURRICULUM MODULES Page 13 of 15 19 77.7 78 20 29.2 30 Required: a) Develop and interpret a 90% confidence interval for the population mean operating profits for the 2023 financial year. b) Using hypothesis testing, test whether there is a significant difference between the mean operating profits for the two financial years. Use ?? = 0.01

Hayfever Farms is an 80‑acre hay farm in Colorado. Due to the legalization of marijuana production in the state, the owners are considering changing the farm's name to Blissful Acres and growing marijuana instead of hay. Use the information presented in the table to answer three questions. Number of acres MC $ MR $ (hay) MR $ (marijuana) 10 320 730 5,600 20 200 730 5,600 30 540 730 5,600 40 730 730 5,600 50 1,200 730 5,600 60 3,200 730 5,600 70 5,600 730 5,600 80 6,700 730 5,600 If they continue to grow only hay, how many acres should Hayfever Farms devote to growing hay in order to maximize profits? area devoted to hay:_______ acres   If the owners decide to only grow marijuana, how many acres should Blissful Acres devote to growing marijuana in order to maximize profits? area devoted to marijuana:_______ acres   Which outcome likely happens due to the legalization of marijuana production and consumption? The number of growers…

The Wall Street Journal’s website, www.wsj.com, reported the number of cars and light-duty trucks sold through October of 2014 and October of 2015. The top sixteen manufacturers are listed here. The sales information for all manufacturers can be accessed in a data file below.  Sales data are often reported in this way to compare current sales to last year’s sales.     Year-to-Date Sales   Manufacturer Through October 2015   Through October 2014   General Motors Corp. 2,562,840   2,434,707   Ford Motor Company 2,178,587   2,065,612   Toyota Motor Sales USA Inc. 2,071,446   1,975,368   Chrysler 1,814,268   1,687,313   American Honda Motor Co Inc. 1,320,217   1,281,777   Nissan North America Inc. 1,238,535   1,166,389   Hyundai Motor America 638,195   607,539   Kia Motors America Inc. 526,024   489,711   Subaru of America Inc. 480,331   418,497   Volkswagen of America Inc. 294,602   301,187   Mercedes-Benz 301,915   281,728   BMW of North America Inc.…

If you are conducting research on the ways in which executive directors manage their businesses, which data-collection method would be the most informative and in-depth? Select one.   Question 3 options:   Surveys   Interviews   Statistical analysis   Focus groups

The Xhang Corporation operates five clothing suppliers in China to provide merchandise for Nike. Nike recently sought information from the five plants. One variable for which data was collected was the total money (in U.S. Dollars) the company spent on medical support for its employees in the first three months of the year. Data on number of employees at the plants are shown. These data are as follows: Medical $7,400 $14,400 $12,300 $6,200 $3,100 Employees 123 402 256 109 67 (a). Compute the weighted mean medical payment for these five plants using number of employees as the weights. (b). Explain why Nike would desire that a weighted be computed in this situation rather than a simple numeric average Answer all questions

Demand Factor Average American household income Roundtrip airfare from Des Moines (DSM) to Atlantic City (ACY) Room rate at the Continental Hotel and Casino, which is near the Rivers PRICE (Dollars per room) Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. 500 450 400 350 300 250 200 150 100 50 0 0 Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Rivers's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Initial Value $50,000 per year $200 per roundtrip $250 per night Airfare from DSM to ACY (Dollars per roundtrip) Room Rate at Continental (Dollars per night) 350 150 50 200 250 ?

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PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 Demand D 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Oceans's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from MSY to ACY (Dollars per roundtrip) Room Rate at Meadows (Dollars per night) 350 150 50 200 250 ? For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $350 per room per night. If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the Oceans from rooms per night to rooms per night. Therefore, the income elasticity of demand is. , meaning that hotel rooms at the Oceans are If the price of an airline ticket from MSY to ACY were to increase by 10%, from $200 to $220 roundtrip, while all other demand factors remain at their initial values,…

A sample of 50 UNR students was randomly selected. A question asked was about annual cost of driving a car and 50 numbers were collected. (Have you ever calculated how much costs you to drive your vehicle annually? The costs should include DMV registration, insurance, gas ( weekly cost times 52), parking, repair and maintenance, tickets/fines, and depreciation. If you have not, find it out. Often, the number is much higher than what you would think.) The sample variance a. should equal to the population variance. b. would change depending on the students included in the sample. c. should be smaller than the sample mean. d. should be smaller than the sample standard deviation. Ĉ 26. A sample of 50 UNR students was randomly selected. A question asked was about annual cost of driving a car and 50 numbers were collected. (Have you ever calculated how much costs you to drive your vehicle annually? The costs should include DMV registration, insurance, gas (weekly cost times 52), parking,…

Ypsilanti Market Research conducted a survey to find out whether people who earn more money purchase more expensive goods. The following graph indicates the relationship between income the survey subjects earned and the price of the car that they purchased. The variable shown on the vertical axis is __________ (options: thousands of dollars per car, thousands of dollars per year, income, thousands of dollars, price, number of goods).   The units for the variable on the horizontal axis are _________ (options: thousands of dollars per car, thousands of dollars per year, income, thousands of dollars, price, number of goods).   There are two ways to view the information presented on the graph. First, the graph tells us the amount a person with a certain income is likely to spend on a car, and second, it tells us the probable income of a person who spent a certain amount on a car. For example, if an individual earned $50,000 last year and purchased a new car, you would expect that person to…

What is the relationship between the $ price of paint and the gallon demand for this paint? A random sample of (price, quantity) data for 7 days of operation was obtained. Construct a plot and describe the relationship between quantity and price, with emphasis on any unusual observations.(10, 100) (8, 120) (5, 200) (4, 200) (10, 90) (7, 110) (6, 150)

The Australian Government has developed a survey to enable it to gauge the views of the Australian public regarding "Climate Change". The survey consists of a sample of 400 Australian Citizens and Permanent Residents regarding their views on a wide range of Climate Change topics. The Government intends to use the results of the survey to assist in the formulation of government policy for the next 30 years. The variables used in the dataset are as follows: Variable Name Explanation Options Cars Number of motor vehicles in your household Income Your income in Dollars ($) Support Belief that Australia should financially support developing countries in their efforts to address Climate Change (Yes, No) Cause Who/what you think is most responsible for Climate Change (Mostly Human, Mostly Natural, There is no Climate Change, Unsure/Undecided} Solar_Panels Willingness to Install Solar Panels For each of the scenarios outlined below, describe a type of Visualisation (i.e. a Chart/Table/Graph)…

Martha’s Wonderful Cookie Company makes a specialsuper chocolate-chip peanut butter cookie. The companywould like the cookies to average approximately eightchocolate chips apiece. Too few or too many chips distortthe desired cookie taste. Twenty samples of five cookieseach during a week have been taken and the chocolatechips counted. The sample observations are as follows: Construct an -chart in conjunction with an R-chart using 3 limits for this data and comment on the cookie-production process. Samples Chips per Cookie1 7 69 852 7 7 8 8 103 5 57 684 4 59 97

The price for cigarettes sold by Big Tobacco Co Ltd was 6.00 per packet in March 2018. During the month of March, the consumption of cigarettes was 1000 packets. However, the Board of Directors of Big Tobacco Co Ltd decided to increase the price by 25% during the month of April.  As a manager you noted that price elasticity of demand was 0.8. As a manager Big Tobacco Co Ltd: As a manager Big Tobacco Co Ltd store advise your management of the strategy that could be adopted by your firm to maintain sales. Also, advise your government on recommended interventions in the cigarette market.

The price for cigarettes sold by Big Tobacco Co Ltd was 6.00 per packet in March 2018. During the month of March, the consumption of cigarettes was 1000 packets. However, the Board of Directors of Big Tobacco Co Ltd decided to increase the price by 25% during the month of April.  As a manager you noted that price elasticity of demand was 0.8. As a manager Big Tobacco Co Ltd:   As a manager Big Tobacco Co Ltd store advise your management of the strategy that could be adopted by your firm to maintain sales

Data Collection: You will collect economic data (i.e., GDP, size of population in millions, labor force in millions, per capita income, unemployment rate in percentage, and consumer price index) of the six selected countries (United States, China, Brazil, Botswana, Sweden, and Saudi Arabia).

Based on picture: 1. Explain questionnaire design. 2. Explain the questionnaire layout. 3. Explain the measurements scale include the use rating scale techniques of category scale for section A and likert scale for section B, C, D and E.

Construct a histogram that represents the following data regarding the score ranges for the extrovertive tendencies of respondents to a personality questionnaire. Step 1 of 5: Find the lower class boundary for the second class. Personality Questionnaire Class Frequency 28-30 8 31-33 9 34-36 3 37-39 8 40-42 9 Copy Data

The manager at a local fast-food restaurant is doing an inventory of the breakfast items sold last week to determine the least and most popular items served. The data is listed in the following table. Item Served Monday Tuesday Wednesday Thursday Friday Chicken Biscuit 22 38 26 34 10 Sausage Biscuit 14 12 30 11 33 Ham Biscuit 32 39 16 29 33 Bacon & Egg Biscuit 36 14 36 31 15 Gravy Biscuit 38 37 24 26 32 Oatmeal and Fruit 37 23 16 20 23 Breakfast Burrito 14 19 14 24 19 Step 1 of 2: Determine the frequency of the least popular item sold last week. Copy Data

The management of a certain company would like to use the following data to learn about its customer base and to evaluate the first day promotional campaign purchases. Customers who made purchases with discount coupons were labelled as “Promotional Customers”, and “Regular Customers” was used for those who did not use coupons. Customer Type of Customer Items Net Sales (GH¢) Method of Payment Gender Marital Status Age 1 Regular 1 100 Vodacash Male Married 32 2 Promotional 1 105 MTN mobile money Female Single 36 3 Regular 1 230 Airtel money Female Married 32 4 Promotional 5 300 MTN mobile money Male Married 28 5 Regular 2 150 Vodacash Female Single 34 6 Regular 20 450 Vodacash Female Married 44 7 Promotional 2 78 MTN mobile money Male Married 30 8 Promotional 3 120 MTN mobile money Female Single 22 9 Promotional 6 345…

s EconomicsQ&A LibraryEach term (3 months) the current group of economics students completed a questionnaire as to how much they would spend on new purchases compared to how much they would save/pay off bills, if they suddenly and unexpectedly received a check for $1,000. The average MPC is shown in the table below. Month in which student poll was taken Average of students’ responses as MPC March 0.41 June 0.30 September 0.22 December 0.56   What do these MPC’s imply about the students’ thinking over the course of the year?   (Enter response here.)   What is likely happening in the economy during the same period of time? Each term (3 months) the current group of economics students completed a questionnaire as to how much they would spend on new purchases compared to how much they would save/pay off bills, if they suddenly and unexpectedly received a check for $1,000. The average MPC is shown in the table below. Month in which student poll was taken Average of students’…

The following data was collected to explore how the number of square feet in a house, the number of bedrooms, and the age of the house affect the selling price of the house. The dependent variable is the selling price of the house, the first independent variable (x1) is the square footage, the second independent variable (x2) is the number of bedrooms, and the third independent variable (x3) is the age of the house. Effects on Selling Price of Houses Square Feet Number of Bedrooms Age Selling Price 2750 5 14 296600 2696 5 11 294400 2523 4 7 281400 2057 4 7 240600 1797 4 5 208600 1767 4 5 196400 1684 4 4 171900 1554 3 4 162800 1521 3 3 144900 Copy Data Step 2 of 2: Determine if a statistically significant linear relationship exists between the independent and dependent variables at the 0.01 level of significance. If the relationship is statistically significant, identify the multiple regression equation that best fits the data, rounding the answers to three decimal places. Otherwise,…

The following data was collected to explore how the number of square feet in a house, the number of bedrooms, and the age of the house affect the selling price of the house. The dependent variable is the selling price of the house, the first independent variable (x1) is the square footage, the second independent variable (x2) is the number of bedrooms, and the third independent variable (x3) is the age of the house. Effects on Selling Price of Houses Square Feet Number of Bedrooms Age Selling Price 2750 5 14 296600 2696 5 11 294400 2523 4 7 281400 2057 4 7 240600 1797 4 5 208600 1767 4 5 196400 1684 4 4 171900 1554 3 4 162800 1521 3 3 144900 Step 1 of 2: Find the p-value for the regression equation that fits the given data. Round your answer to four decimal places. Copy Data

Q. Please draw a graph as indicated in the problem and answer the question  The data presented in Table were published in the March 1, 1984, issue of The Wall Street Journal. They relate to the advertising budget (in millions of dollars) of 21 firms for 1983 and millions of impressions were retained per week by the viewers of the products of these firms. The data are based on a survey of 4000 adults in which users of the products were asked to cite a commercial they had seen for the product category in the past week. a. Plot impressions on the vertical axis and advertising expenditure on the horizontal axis. b. What can you say about the nature of the relationship between the two variables? c. Looking at your graph, do you think it pays to advertise? Think about all those commercials shown on Super Bowl Sunday or during the World Series. Please provide an explanation in detail as well.