Answer:
B. A decrease in consumer surplus, a increase in producer surplus and dead weight loss
Explanation:
Price floor is the minimum price for which a good or service can be sold. When price floor is above equilibrium price, quantity demanded falls while quantity supplied increases.
Consumer surplus is the difference between the willingness to pay of a consumer and the price the consumer pays for the product.
Consumer surplus would reduce because price has increased.
Producer surplus is the difference between the least price a producer is willing to sell his product and the price of the product.
Producer surplus would increase as a result of the rise in price.
Deadweight loss is reduction in social surplus as a result of the price floor.
I hope my answer helps you
James and three college friends want to buy a houseboat with each of them owning an equal share. If the lender issues a joint 1098 showing interest, PMI and points paid in the amount of $3000, how much can James deduct as expenses on his federal tax return?
Answer:
James can deduct as expenses on his federal tax return $750.
Explanation:
When buying a houseboat, you’ll likely have to pay a monthly fee for the slip. Sometimes, the slip or the dock is included in the purchase, but often, you’ll have to pay rent. If buying a floating home, you’ll probably have a fee similar to a homeowners association fee. These monthly fees can range from a couple of hundred dollars to more than $700, Marden says.
You can have only one second home for purposes of the mortgage interest deductions. For example, if you have two houses, one of which is your primary residence and one that you use as a vacation home, you have to substitute your boat for your existing second home if you want to take a boat tax deduction. In addition, for tax years prior to 2018, joint filers are limited to deducting the interest on the first $1 million of mortgage debt. However, for tax years 2018 and forward, you may only deduct interest on the first $750,000 of mortgage debt originated after December 16, 2017. So, if you're already over the limit your boat loan won't help you even if it otherwise qualifies.
According to Lewin's Change Model, an organization must deliberately change old habits, learn new work methods, and accept the new work methods as parts of the job. Group of answer choices True False
Answer:
True
Explanation:
To understand the new working environment, and the changes in the overall market structure; it is very important to learn new methods and change old habits that is exactly what Lewin change model explains. This model emphasises on the importance of a change as part of a job to cope with the new era of globalisation.
Most global firms find it is better to have expatriates as their expatriates often are well-trained in skills and technical capabilities and much better prepared for the host country culture.True / False.
Answer: True
Explanation:
Expetraites are well-trained and experience for most host countries, they are also an advantage as they use their vast knowledge to train host country workers.
Which of the following best describes a subsidy? A. Banks make low-interest loans to farmers. B. The government puts a tax of $100 per ton on wheat imports. C. The government pays farmers $100 per ton of wheat produced. D. Farmers pay the government $100 per ton of wheat produced.
Answer:
C. The government pays farmers $100 per ton of wheat produced.
Explanation:
Subsidy is grant/ financial aid given by government to producers of a commodity, to enable its availability in markets at a lower price.
Government paying farmers $100 tone per wheat produced is a subsidy as : It is a financial assistance given by government to reduce wheat's price in markets.
Bank's low interest rate to farmers is just credit ease policy ; Govt putting a tax on wheat imports is opposite of subsidy ; Farmer paying govt $100 per unit wheat is also a form of tax (opposite to subsidy).
Oscar is a real estate entrepreneur in a country that promotes the individual right to own property, earn profits, make decisions about business operations, and choose productivity systems. Which system best describes Oscar's business environment?
Answer:
The correct answer is: Free Enterprise.
Explanation:
Free Enterprise is the economic term used to describe an economy with very little government ownership or regulation. In a free enterprise system, competition and the preferences and choices of consumers are the primary restrictions on businesses' actions. Free enterprise advocates claim that the market is the best way to regulate human behavior and equitably create and distribute wealth.
What are the three legal forms of business organization? What are the advantages and disadvantages of each one
Answer:
There are three basic forms of business ownership: sole proprietorship, partnership and corporation. Each of these forms of business organization has advantages and disadvantages in such areas as setting up the company, paying taxes and assessing liability for business debts.
At times, customers have an unexpected need and require certain departments, such as production, to change their schedule to meet the demands of the sales department. When Shannon, the vice president of marketing, inspires the production team to put in the extra effort, she is playing a(n) ________ role.a) implementation b) leadership c) monitoring d) staffing
Answer:
b. leadership role
Explanation:
Leadership role -
It refers to the role of people , to motivate and lead other members of the team to achieve the goal , is referred to as a leadership role.
A leader is supposed to be strong and straightforward , and helps to influence and command people for doing a particular task , by boosting their morale .
Hence , from the given scenario of the question,
the correct option is b. leadership role .
Don was driving his truck when a board fell out of the truck bed and onto the road. Alice, who was driving closely behind Don's truck, tried to avoid the board, swerved, and struck a telephone pole, causing her severe injuries. Which of the following is correct?
A. In a comparative negligence state, the actions of Don and Alice will be weighed to determine liability.
B. Don was not negligent in allowing the board to fall out of his truck.
C. Don is strictly liable to Alice for her injuries.
D. Don is engaging in ultrahazardous activity.
Answer:
A. In a comparative negligence state, the actions of Don and Alice will be weighed to determine liability.
Explanation:
Comparative negligence is a way to weigh the negligence of the parties involved in a dispute.
In this case Don could be said to be negligent by not securing the boards properly in his truck, resulting in them falling off.
On the other hand Alice should have not been driving very closely to Don's truck.
So the actions of Don and Alice will be weighed to determine liability.
Final answer:
The correct answer is A, wherein a comparative negligence state, both Don's and Alice's actions will be considered to determine liability for the accident, weighing the negligence on both sides.
Explanation:
The correct answer to the question is A. In a comparative negligence state, the actions of Don and Alice will be weighed to determine liability. Comparative negligence is a legal principle where the actions of each party are weighed to determine the percentage of fault and, consequently, liability. Don's action of losing the board from his truck could be considered negligence if he did not secure the load properly. On the other hand, Alice's reaction to swerve could also contribute to the accident if it is deemed an overreaction or unsafe maneuver in the given circumstances.
Option B, stating that Don was not negligent, cannot be determined without more facts. Option C, which suggests Don is strictly liable, is incorrect since strict liability usually applies to inherently dangerous activities, which is not the case here. Option D, suggesting Don is engaging in ultrahazardous activity, is also incorrect as transporting items in a truck is not considered to be an inherently dangerous or ultrahazardous activity that would automatically make him liable irrespective of negligence.
When considering the given scenarios, it is clear that the primary concern is to understand the concept of comparative negligence and how it applies to the given situation, rather than to determine strict liability or ultrahazardous activity.
2. Alicia makes the statement that every time she eats chocolate, she gets acne. By ignoring the possibility that there may be another factor that causes Alicia to eat chocolate and which also causes her acne, Alicia is committing the:
a. fallacy that association is causation
b. mistake of rejecting a null hypothesis
c. fallacy of segmentation
d. fallacy of composition
e. mistake of ignoring secondary effects
Answer:
a. fallacy that association is causation
Explanation:
Alicia is making an association between chocolate and acne but, there is no proof on Alicia statement There should be a positive correlation between the chocolate eaten by Alicia and the acne to stablish a cause-effect between each variable else, we are doing a simplistic analysis.
During discussions relating to the formation of kingfisher, seth mentions that he may be interested in either (1) just selling all of his inventory in the current year for its fair market value of $96,000 or (2) proceeding with his involvement in kingfisher's formation as shown above but followed by a sale of his stock five years later for $90,000. what would be the tax cost of these alternative plans, stated in present value terms?
Answer:
Some assumptions made are: discount rate of 6%.
Seth’s marginal income tax rate is 35% and his capital gains rate is 15%.
look below
Tax cost associated with the current sale of inventory for $96000
amount realized 96000
less :Adjusted basis -30000
Ordinary gain recognized 66000
tax cost(66000*35%) 23100
Present value factor *1.00
Present value of tax cost 23100
Tax cost associated with the current receipt of 30 kingfisher share,then sales in five years of $90000 shares
current ordinary gain of kingfisher $6,000
tax cost(66000*35%) $2,100
Present value factor *1.00
Present value of tax cost
Capital gained on sale of kingfisher shares in five years
Amount realized 90000
less adjusted basis -30000
capital gained recognized $60,000
tax cost(66000*15%) $9,000
Present value factor *.7473
Present value of tax cost 6726
Total present value of tax cost 8,826
Explanation:
During discussions relating to the formation of kingfisher, seth mentions that he may be interested in either (1) just selling all of his inventory in the current year for its fair market value of $96,000 or (2) proceeding with his involvement in kingfisher's formation as shown above but followed by a sale of his stock five years later for $90,000. what would be the tax cost of these alternative plans, stated in present value terms?
Some assumptions made are: discount rate of 6%.
Seth’s marginal income tax rate is 35% and his capital gains rate is 15%.
look below
Tax cost associated with the current sale of inventory for $96000
amount realized 96000
less :Adjusted basis -30000
Ordinary gain recognized 66000
tax cost(66000*35%) 23100
Present value factor *1.00
Present value of tax cost 23100
Tax cost associated with the current receipt of 30 kingfisher share,then sales in five years of $90000 shares
current ordinary gain of kingfisher $6,000
tax cost(66000*35%) $2,100
Present value factor *1.00
Present value of tax cost
Capital gained on sale of kingfisher shares in five years
Amount realized 90000
less adjusted basis -30000
capital gained recognized $60,000
tax cost(66000*15%) $9,000
Present value factor *.7473
Present value of tax cost 6726
Total present value of tax cost 8,826
If we add up the consumer spending on goods and services, investment spending, government purchases of goods and services, and the value of exports, then subtract the value of imports, we have measured the nation's _____.
Answer:
Gross domestic product
Explanation:
Total national output is one of the most widely recognized markers used to follow the well being of a country's economy.
It speaks to the complete dollar estimation everything being equal and administrations delivered over a particular times span, regularly alluded to as the size of the economy.
It is the aggregate of all worth included made in an economy. The worth included methods the estimation of products and ventures that have been created less the estimation of the merchandise and enterprises expected to deliver them.
Mr. wilkes has difficulty hearing sounds in the range of 20 to 40 decibels, but he has no difficulty hearing sounds above that range. he would most likely profit from today's digital hearing aids because they can deliver sound that is
Answer:
more audible
Explanation:
Note that decibels means the level of volume or loudness of sound. Therefore sounds higher than 20 to 40 decibels would be louder for Mr Wilkes.
It is important to note also that today's Hearing aids are used to correct hearing loss in patients. A device that could assist Mr Wilkes is a customized In the ear aids (ITE) device fitted to his outer ear bowl.
Which of the following is a statement made by Theodore Levitt about the globalization of world markets? a. Global corporations consider the world to consist of distinct and unique entities. b. Accustomed differences in national or regional preferences are becoming more significant. c. Multinational corporations are in danger of losing out to small businesses. d. Global markets for standardized consumer products have emerged on a large scale of magnitude. e. Capitalism is the force that drives the world toward a converging commonality.
Answer:
D. Global markets for standardized consumer products have emerged on a large scale of magnitude
Explanation:
According to Levitt, the development of internet and social media make it really easy for the customers to research the quality of products that hey about to buy. Along with it, the company's ability to market their product to customers world wide become really cheap.
The combination of the two make global markets for consumer products became massively increase. This means that each companies have to ensure that their products cater to the biggest market segmentation as possible if they want to maximize their profit.
The employees believe that their CEO is approachable and "feel close to him." The CEO is demonstrating: a.reasoning by analogy. b.emotional intelligence. c.being well informed. d.illusion of control.
Answer:
b. emotional intelligence
Explanation:
Emotional intelligence talks about the ability of one to identify his or her emotions from those of other people, understand, manage and use it to ease of stress and tension, also it is used to show empathy, communicate effectively and resolve conflict. Emotional intelligence is a strong tool for building good and successful relationships in business, career and even in the family. It is a skills that can be developed over time through constant practicing.
Emotional intelligence involves self management, self awareness, relationship management and social awareness.
Luxury Linens Inc. produces the highest thread-count sheets available anywhere and does so at a price that none of its competitors can duplicate. It can be said that Luxury Linens has a(n) _____.
Answer: Sustainable competitive advantage
Explanation:
The sustainable competitive advantage is basically refers to the abilities attributes and the quality of an organization that are different from the others competitors as it basically favorable to the long term position in the market.
The main objective of the sustainable competitive advantages is that it providing an efficient advantages in this competitive environment. Product differentiation, low cost provider and the strategic asset are the main advantages.
According to the given question, the luxury linens Inc. is basically producing the high thread count and it measuring the various types of advantages such as profit, effective products of an organization.
Therefore, Sustainable competitive advantage is the correct answer.
From a building designer's standpoint, three things that make a home livable are the client, the building site, and the amount of money the client has to spend.According to the passage, to make a home livable:________
a. the prospective piece of land makes little difference.
b. it can be built on any piece of land.
c. the design must fit the owner's income and the site.
d. the design must fit the designer's income.
Answer:
c. the design must fit the owner's income and the site.
Explanation:
For any building designer, be it Architect, civil engineer or builders, one thing is there major concern, which is the client specification. the building is design according to what the client desired. the building designer can only advised the client on a better design to suit the client specification based on his experience.
Therefore, a home is livable if the designer design the building based on the client income and site. the bigger the design, the more the money to be spent in the construction stage.
Also, Prior to the building construction, a building designer will have get the bill of quantity of the proposed building, which is the total cost that will finished the building. This will enable the client and the building designer to work on the available cost.
With all this precautions put in placed, the building will be livable.
Final answer:
To make a home livable, the design must align with the owner's income and the specific characteristics of the building site, also taking into account broader factors such as accessibility, habitability, and connection to essential services.
Explanation:
From a building designer's standpoint, three things make a home livable: the client's needs and preferences, the physical characteristics of the building site, and the budget available for the project. To make a home livable, option (c) is correct: the design must fit the owner's income and the site. This requires a thoughtful balance between affordability, habitability, and accessibility, ensuring that housing costs are aligned with wages, the home provides protection from the elements, and it accommodates the specialized needs of its occupants. Additionally, the location of the housing should provide access to jobs, educational facilities, and services, underscoring the importance of choosing the right piece of land in context to the environment and community needs.
The source texts highlight the complexity of creating livable environments that support access to essential resources and services, reflect the realities of local environments and lifestyles, and are shaped by economic considerations. Designers must work within these constraints to create homes that meet their clients' needs while being responsive to the larger community and environmental context.
Suppose you were assigned the task of choosing a price that maximized economic surplus. What price would you choose? Why? A. Choose a price of zero because that is where consumer surplus (the area under the demand curve and above the price) is maximized. B. Choose a price ceiling below the equilibrium so that consumers won't have to pay too much. C. Choose the price where the quantity demanded equals the quantity supplied because that is the equilibrium condition. D. Choose the price where the quantity supplied is maximized because that is where output is the greatest. E. Choose the highest price possible because that is where producer surplus (the area above the supply curve and below the price) is maximized.
Answer:
C. Choose the price where the quantity demanded equals the quantity supplied because that is the equilibrium condition.
Explanation:
The equilibrium price is the most ideal because at this price the consume is willing to buy, if price goes above this the consumer may look for an alternative and this will further increase surplus.
Also when there is surplus the suppliers will find a way to sell competitively at the equilibrium price.
If information is obscured or omitted, what can be the result for the communication? Group of answer choices The communication becomes unethical. a.The reader is more likely to support your argument. b.The communication becomes stronger It may not need audience input.c. The quantity of the information suffers.
Answer:
a. The communication becomes unethical
Explanation:
Note: The first option i.e option (a) has been construed as "The communication becomes unethical", upon which the following answer is based.
If the information to be conveyed is unclear, ambiguous or gets omitted, such communication would be termed as unethical.
Such communication is prone to misinterpretation and subsequently leads to poor decision making.
Unethical communication is the opposite of effective communication, with it's chief characteristic being omission of essential information.
Such form of communication suffers from, distortion of facts, imitation of ideas, vagueness and manipulation.
Complaints about Microsoft’s Xbox video game consoles began immediately after its introduction. These complaints ranged from missing parts to incorrect programming. To solve the problem, Microsoft have adopted a more rigorous __________ goal.
Answer:
Quality goal
Explanation:
Quality goals are objectives/targets of improvement in quality of the product produced or services rendered. Example of quality goals includes: reducing the number of defects, comparing quality of product or services to other competitors in the market, increasing durability, improving customer's experience and satisfaction, addressing data quality and process quality and so on.
In trying to solve the complaints problem, Microsoft needs to engage in a more rigorous QUALITY goal in order to improve the quality of the product.
A prepayment that is originally recorded as an asset will be ______. allocated to future accounting periods equally over the periods receiving the benefit expensed in total at the end of the accounting period allocated to future accounting periods based on the cost of the asset used during the period transferred to a liability account at the end of the accounting period
Answer:
Allocated to future accounting periods based on the value of the benefit used during the period.
Explanation:
In a pre-payment. you already make the payment for a certain goods or services before you actually use them.
In most cases, the value of prepaid goods or services tend to be decreased as the time goes by , so you need to make adjustment based on the value of the benefit.
For example, Let's say that on June you purchase a prepaid insurance for 1 year, costing you $1,200. At the end of the year, you need to adjust the value and cut it in half since you've been using half of the benefit (6 months between june-December)
Look at the map showing the European Union (EU) and its free-trade agreement (FTA) countries. Which of the following is true of most of the negotiating countries?
a. They transport most exports by land.
b. They have access to the ocean.
c. They are primarily English-speaking.
d. They are in the Southern Hemisphere.
Answer:
B. They have access to the ocean.
Explanation:
Free-trade agreement allow different countries to import/export their goods with very little to no tariff.
Currently, goods delivery through commercial ships is correctly the most cost-efficient method for international distribution. (shipment through airplane tend to be faster but it cost a lot more)
Because of this, Countries that have access to the ocean tend to become a target for Free-trade Agreement.
Answer:
100% B
hope its right!!!!!
Explanation:
Which one of the following statements is correct?
A. Policymakers have good intentions and therefore their proposals will create good outcomes.
B. Potential secondary effects do not need to be considered when deciding whether to implement a new government program.
C. A good outcome is guaranteed from a government program if it is created with good intentions.
D. Government programs can be implemented with good intentions but can lead to undesirable outcomes because of unintended consequences.
Answer:
Option "D" is the correct answer to the following statement.
Explanation:
In studies, Unintended consequences are effects that are not expected by the purposive intervention.
Government programs generally begin with social welfare purposes, yet sometimes proceed to undesirable results.
Price control is an example of this, that include minimum wage legislation. these can cause unemployment among low-skilled workers.Final answer:
The correct statement is D. Policies with good intentions can still lead to undesirable outcomes because of unintended consequences. Policymakers need to consider potential secondary effects and recognize that policies might have different real-world impacts than intended.
Explanation:
Out of the provided options, the correct statement is: D. Government programs can be implemented with good intentions but can lead to undesirable outcomes because of unintended consequences. This is because the implementation of public policies is complex and involves various factors that may result in outcomes different from the intended ones. Good intentions are not a guarantee of successful policy outcomes, and thus policymakers must consider potential secondary effects and the possibility that a policy may harm certain groups even as it helps others. In addition, policies that aim to address complex issues might not align perfectly with majority views or could result in benefits or drawbacks that were not initially anticipated.
For example, a policy to promote attendance at liberal arts colleges may inadvertently cause a decrease in trade school enrollment, which could be an unintended consequence. Therefore, it is crucial for policymakers to analyze and predict these secondary effects to ensure that the policies being implemented achieve the desired outcomes without causing significant negative effects on other areas. The success of a public policy is measured not only in its intentions but also in its real-world impacts and the balance of its strengths and weaknesses.
You and your friend, Jim, have just moved out of your dorm and into a new apartment. Both of you decide that you need to get a couch. Jim thinks you should get a new one from a furniture store nearby. You feel that, given your budget, it is best to buy a used one. Your other options are to buy one online or get a couch custom-made at the same furniture store.
How would you arrive at an optimal solution here? Assume that your opportunity cost of time is $5 per hour.
You and Jim would need to consider ___________.
A. only the marginal benefit of each couch.
B. only the price of each couch.
C. the direct costs of the price of each couch and the cost of having each couch moved to your apartment.
D. the direct costs and the indirect opportunity cost of your time required to shop.
E. the indirect costs of traveling to the furniture store and the opportunity cost of your time required to shop.
Answer:
D. the direct costs and the indirect opportunity cost of your time required to shop.
Explanation:
Opportunity cost by definition or formula, is the return on an alternative foregone less than the return on your chosen option. Considering opportunity costs in decision making or investment can lead to more profitable decision-making.
Hence in arriving at an option or optimal solution in relation t the decision on where to buy the couch, the direct costs of the price of the couch and transportation to our appartment will be considered in conjuction with the oppotunity costs
In the United States, what does the general level of a family’s income have to do with the amount of cash the family is likely to hold?
Answer:
The general level of family's income is directly proportional to the amount of cash a family is likely to hold
Explanation:
Of the three motives of money, transactional motives of money relates to holding money(whether at hand or at bank) to meet daily transaction e.g buying of fuel/gas, transport fare to work place.
If the level of income of a family increases, other things being equal, the family tends to hold more money for their daily transaction. The level of income is directly proportional to amount of cash a family holds...
For example, family A earns $100 per week and holds $30 to meet daily transaction or unforeseen circumstances. If his pay increases to$150, it is intuitive for Mr A to hold higher money, lets say $50
client sells $49,000 of various stocks and wishes to use the proceeds to buy a mutual fund that has breakpoints at $10,000 intervals. Which statement is TRUE?
A. The customer must sign a letter of intent to reach the $50,000 breakpoint
B. The customer should be informed that investing an additional $1,000 will provide the benefit of a breakpoint
C. The customer should be informed that the sales charge earned by the representative will be lower if the breakpoint is reached
D. No additional disclosures are required to be made to the customer
Answer:
B. The customer should be informed that investing an additional $1,000 will provide the benefit of a breakpoint
Explanation:
In the transaction above some information should be disclosed and terms stated clearly so that both parties are satisfied.
For example violations must be avoided because if a customer is "close" to a breakpoint the customer must be prompted/aware that putting in the additional funds to reach that level had consequences which may/will result in a lower sales charge.
If a disclosure of this kind is not made, this registered representative however is said to have committed a violation known as a "breakpoint sale."
Eka manufacturing company produces part #2206 for the aerospace industry. each unit of part #2206 is sold for $15. the unit production cost of part #2206 is $3. the fixed monthly cost of operating the production facility is $3000. how many units of part #2206 have to be sold in a month to break even?
Final answer:
Eka manufacturing company must sell 250 units of part #2206 in a month to break even, using the formula for the break-even point in units which is Fixed Costs divided by the difference between Unit Selling Price and Unit Variable Cost.
Explanation:
To calculate how many units of part #2206 need to be sold to break even, we must first understand that the break-even point occurs when the total revenue equals the total costs. Here, we have a fixed monthly cost of $3000 and a unit production cost of $3. Each unit is sold for $15.
The formula to calculate the break-even point in units is:
Break-Even Units = Fixed Costs / (Unit Selling Price - Unit Variable Cost)
Plugging in the values:
Break-Even Units = $3000 / ($15 - $3)
Break-Even Units = $3000 / $12
Break Even Units = 250
Therefore, Eka manufacturing company must sell 250 units of part #2206 to break even for the month.
As of December 31, the Stanford company has the following information. Use this information to answer questions 1 to 3. Cash $5,000 Accounts Receivable 15,000 Inventory 40,000 Prepaid Insurance 3000 Long-term Assets 100,000 Accounts Payable 15,000 Notes Payable in 5 Months 12,500 Salary Payable 25,000 Notes Payable in 5 Years 35,000 Owner’s Equity 98,000 1. What is the company's Quick Ratio? Question 1 options: 1.70 0.70 0.38 1.25
Answer:
C. Quick Ratio = 0.38
Explanation:
We know,
Quick Ratio = [tex]\frac{Current Assets - Inventory - Prepaid Expenses}{Current Liabilities}[/tex]
Quick ratio means how quickly a company can pay its current debt with its quick assets.
Given,
Current Assets = Cash + Accounts Receivable + Inventory + Prepaid Insurance
Current Assets = $(5,000 + 15,000 + 40,000 + 3,000) = $63,000
Current Liabilities = Accounts Payable + Notes Payable in 5 Months + Salary Payable
Current Liabilities = $(15,000 + 12,500 + 25,000) = $52,500
Putting the value in the formula,
Quick Ratio = [tex]\frac{63,000 - 40,000 - 3,000}{52,500}[/tex]
Quick Ratio = $(20,000 ÷ 52,500)
Quick Ratio = 0.38 : 1
Therefore, the quick ratio is 0.38, and the option is "C"
Answer:
0.38
Explanation:
b) a student tests 100 students to determine whether other students on her campus prefer soda brand a or soda brand b and finds no evidence that preference for brand a is not 0.5. later, a marketing company tests all students on campus and finds no difference. choose the correct answer below.
Answer:
B) The student did not make an error. The actual value is 0.50, which was not rejected.
Explanation:
First the student carried out a study which provided no evidence that the preference for brand A was not 0.5 or 50%, then the marketing company carried out a similar study and showed the same results. Since we are trying to determine if the student's research was well done, we must assume first that the marketing company did their research correctly.
If the student had rejected the claim of the marketing company, then she would have made a type I error (which didn't happen). If the student had wrongly accepted the claim from the marketing company (without any evidence of her own), then she would have made a type II error.
Since both studies provided the same conclusions, then we can assume that the student carried out her study in a proper and correct manner.
Final answer:
The question pertains to using statistical methods in mathematics to analyze the preference for soda brands among students, likely at the college level. A binomial distribution or its normal approximation could be used to conduct a hypothesis test to evaluate the proportion of students preferring a certain brand.
Explanation:
The subject of this question involves determining the preference for soda brands which falls under the category of statistics, a branch of mathematics focused on the collection, analysis, interpretation, and presentation of masses of numerical data. The grade level is likely college, as the concepts of hypothesis testing and proportions tend to be covered at this level of education.
To answer the question, when testing the preference of soda brands among students, one would use a binomial distribution if each choice is independent and there are only two possible outcomes (preference for either brand A or brand B). However, to approximate this, especially with a large sample size (such as 100 or more), a normal distribution can be used thanks to the central limit theorem. This would involve conducting a hypothesis test for proportions, where the null hypothesis (H0) would be that the proportion preferring brand A is 0.5 (no preference shown) and the alternative hypothesis (Ha) would differ based on whether it is a one-tailed or two-tailed test.
The price elasticity of demand for gasoline in the short run has been estimated to be 0.4. If a war in the Middle East causes the price of oil (from which gasoline is made) to increase, how will that affect the quantity of gasoline demanded and total revenue from gasoline in the short run, all other things unchanged?
Answer:
The demand for gasoline and the total revenue from the gasoline will remain the same.
Explanation:
Price elasticity of demand can be defined as a measure of the sensitivity of the demand of a particular good or service in relation to a change in the price. In the context of the price elasticity of demand, a good can either be elastic or inelastic. A good that is inelastic is one whose price elasticity of demand is less than 1. This basically implies that the good's demand doesn't change with a corresponding change in price. On the other hand, a good that is elastic, is one whose price elasticity of demand is more than 1, which implies that the demand of the good changes with changes in price. Goods that are predominantly inelastic are needs that people cannot do without which include things like food, while elastic goods are those that are considered luxuries that people can do without especially when the price rises.
Since the price elasticity of demand for gasoline is estimated to be 0.4, which is less than 1, we can conclude that gasoline is inelastic. Meaning it's demand doesn't change with increasing prices. The demand for gasoline will remain the same even with increase in the price of oil. The total revenue from gasoline will also remain the same since even though the availability of gasoline is reduced, the sellers will adjust for this reduction in the price.
A city hired a research company to survey spring break vacationers to learn about this market. One of the questions asked was, "If you were able to hang out on the beach with any celebrity, who would she or he be?" This type of question is a means for gathering _________.
Answer:
Qualitative data
Explanation:
Qualitative data is defined as the data that approximates and characterizes. Qualitative data can be observed and recorded. This data type is non-numerical in nature. This type of data is collected through methods of observations, one-to-one interview, conducting focus groups and similar methods.
Answer:
qualitative data
Explanation:
Researchers seek two types of data, quantitative and qualitative. Quantitative data measures numeric variables and is expressed in numbers, while qualitative data measures types of data, e.g. tastes, likes, expectations, etc. Qualitative data is generally gathered through surveys and in-depth interviews, and there are no correct or incorrect answers.
Once the data has been gathered, qualitative data is sorted in groups and quantified. E.g. a beauty cream survey gathers 1,000 different answers about consumer expectations regarding a new product and the research team will sort them into groups (e.g. softness, moisture, textures, etc.) and then quantify the groups.