Randolph is taking three courses this semester: economics, statistics, and finance. He has decided to spend 20 hours per week studying (in addition toattending all his classes) and his objective is to maximize his average grade, which means maximizing the total of his grades in the three courses. Thetable shows Randolph's estimate of the relation between time spend studying and his grade for each course.Hours ofstudy45678910Grade in:Economics Statistics6354647279Multiple Choice858890927278838789Finance68768287909395Based on the information in the table, how should Randolph allocate his time?7 hours economics, 7 hours statistics, 6 hours finance6 hours economics, 6 hours statistics, 8 hours finance

Answered: Image /qna-images/answer/3427be1e-0199-4f6c-b553-3bdfa9f7ea74.jpg

Answered: Randolph is taking three courses this…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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. PRICE (Thousands of dollars per car) 50 45 40 5 0 0 10 20 30 40 50 60 80 70 INCOME (Thousands of dollars per year) 90 100
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n one sentence, what does it mean for an estimator to be consistent? (Hint: you do not need to state the formal definition of consistency)
What is the variable that adjusts the effect of the independent variable on the dependent variable (one word)
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,…
Scott Bell Builders would like to predict the total number of labor hours spent framing a house (Y) based on the square footage of the house (X). The following data have been compiled on 7 houses recently built. Use Excel - Blank.xlsx Number of labor hours (Y) 258 189 242 177 151 226 184 type the numbers as shown below. Square footage in 100s (X) 29 27 32 35 18 30 36 Calculate the intercept (or b0). Round up to 4 decimal places.
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Greenhouse gases trap heat and make the planet warmer. Human activities are responsible for almost all of the increase in greenhouse gases in the atmosphere over the last 150 years. In this part, you will draw two pie graphs. A pie graph is used to show how a certain quantity has been divided into several parts, as well as to show the comparisons among these parts. 1. The data table below shows the total U.S. greenhouse gas emissions by economic sector in 2013, in million metric tons of CO2. On the pie graph provided, complete the graph to show the percent of greenhouse gas emissions for each economic sector. Label each section of the pie graph with its economic sector. The percent for "Agriculture" has been drawn and labeled for you. Economic Sector Electricity Transportation Industry Commercial & Residential Agriculture Percent of Greenhouse Gas Emissions 31 27 21 12 9 80 75 70- 85 65 95 90 wlad Percent 0 100 Agri- culture 55 50 45 10 40 35 20 25 30
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 ?
Calculate the percentage change of the variable in each of the following cases. Then calculate the percentage change if the movement is occurring in the opposite direction, with what was the final value now the initial value and vice versa. Now calculate a comparable percentage change using the average of the initial and ending values. Express all three changes in absolute value form without positive or negative signs and as whole numbers (i.e. 67%, not 66.6%). a. A fast-food restaurant, which originally sold hamburgers at a price of $5, increases their price to $6. The absolute value of this percentage change is %, and the absolute value of the percentage change calculated using the average of the two values is %, the absolute value of the percentage change in the opposite direction is %. b. The number of autos sold monthly at a car dealership drops from 400 to 300. The absolute value of this percentage change is %, the absolute value of the percentage change in the opposite direction…

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