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- Complete all of the following definitionsWhat is this equation used for? What do the variables mean? Can you give an example how a research study can be applied to this formula? Does it account for control variables ?Suppose there are two different neighborhoods in a city. One neighborhood has 400 Black residents and 600 white residents. The other neighborhood has 800 Black residents and 400 white residents. What is the Dissimilarity Index (DI) equal to?
- Explain why optimal marks- up varyA cookshop hires two chefs. The workload, equipment and materials are evenly distributed. The result is a significant increase in the marginal number of lunch dishes made daily. Then 2 more chefs are hired. Now the workload per chef is lessened and there are conflicts over the use of materials and equipment. There is still an increase in the marginal number of lunch dishes made daily, but the increase occurs at a slower rate than before. This is an example of:The cost function for producing x items is C(x)=x2-3x+625. a.Find the average cost function. b.What is the minimum average cost? c.Find the marginal cost function. d.Is the point of intersection of the average cost and marginal cost function the same which produced the minimum the average cost? 2.Determine where the function f(x)=4x3-3x2+6 is concave and where it is convex. 3.An efficiency study conducted for Spektra Electronics Showed that the number of Base Commander handsets assembled by the average worker t hours after starting work at 8 a.m is given by N(t)=-t2+6t2+15t (0t4) At what time during the morning shift is the average worker performing at peak efficiency?
- What is the difference between a price analysis and a cost analysisGiven the cost function , TC = 4q2 + 9 - calculte marginal cost ?All of these statements about the production function are true EXCEPT a) the curve features 3 distinct regions: increasing returns to scale, constant returns to scale, and diminishing returns to scale. b)the curve's shape matches and its description of the interaction between the graph's axes represents the law of diminishing returns c) it can be applied to many economic markets d) one variation is used to show the difference between firm and market specific risk
- define satiation point with graphRail Tours, Inc., sells packaged tours on rail lines, including gourmet meals and a reserved bed. The most popular tours are in the autumn, when foliage colors are at their peak. The overnight package for Saturday and Sunday morning are especially heavily booked. A market survey firm has just completed a study in which they conclude that if the package cost is $200 per couple, then Rail Tours can expect to sell 400 spaces on a typical Saturday. If the price is raised to $225, then unit sales will drop to 390. If the price is raised further to $250, unit sales drop to 380. a) From the data given, write down the demand equation and determine its intercepts. Are there any precautions needed when operating at the extreme ends of the demand curve?b) The survey firm also reports that if per capita income changes, Rail Tours can expect a large change in bookings. In particular, if per capita income falls by 1%, then bookings will tend to fall by about 2%. Are tour packages a normal good?…The Craine Company manufactures three products, which require three resources – labour, materials, and administration. The unit profits on these products are $10, $6, and $4 respectively. There are 100 hr of labour, 600 lb of material, and 300 hr of administrations available per day. In order to determine the optimal product mix, the following LP model is formulated and solved: Maximize Z =10 x 1 +6 x 2 +4 x 3 Subject to x1+x2+x3 ≤100 labour 10x1+4x2+5x3 ≤600 material 2x1+2x2+6x3 ≤300 administration x1+x2+x3 ≥0 Where x1,x2, and x3are the daily production levels of products 1, 2, and 3 respectively. A computer output of the solution given below: Optimal Solution: x1 = 33.33, x2 = 66.67, x3 = 0 Optimal Value: Maximum profit = $733.33 Shadow Prices: For row 1 = $3.33, for row 2 = 0.67, for row 3 = 0 Opportunity Costs For x1 = 0, for x2 = 0, for x3 = 2.67 Ranges on Objective Function Coefficients Row…
