ECON1320 CML

4. Based on your analysis in (1) – (3) above, what is your overall conclusion regarding the

6. Although you are basically satisfied with the analysis thus far, you are concerned about the

a. Determine the critical value(s) of a 91.5% confidence interval for the mean time it take for all workers who are employed in downtown Toronto to get to work

1. The local Mastermind store sells innovative educational toys. Part of their service is giving advice to customers about the best toys for a particular age group, which requires having more customer service representatives in the store. During the month long Christmas buying season, it makes half of its $500,000 yearly sales. Its contribution margin on average is 40% and its fixed costs for the year are about $150,000. The owner believes that she could make even higher sales, if she had more customer service representatives on the floor during the peak season. She plans on hiring four more people for 200 hours each at $20 per hour. How much additional revenue does she have earn to the nearest dollar

3. Write the answer to the following problems in the correct number of significant figures.

The critical value for for this two-tailed test is. The rejection region is given by

c) What is the null and alternative hypothesis? Do the data results lead you to reject or fail to reject the null hypothesis?

The critical value represents the point on the scale of test statistic value in which the null

1. Are any of the lab values in Table 1 out of normal range? Do you see some that are too high or too

9. Imagine that you are buying a new computer and comparing different brands and prices. Describe at least two nonprice competition factors you might consider when making your decision. (2-4 sentences. 2.0 points)

7. The data set for this problem can be found through the Pearson Materials in the Student Textbook Resource Access link,

The second step is defining the significance level, determining the degrees of freedom and finding the critical value. The a-level shows that for a result to be statistically significant, it cannot occur more than the a-level percentage of time by chance. The critical value can be obtained by using the t-test table. The degrees of freedom is

• Competition : Apple with propriety architecture had 20% market share, Compac enters in ’82, Dell in ’84,

The PC industry is highly competitive and constantly changing as technology evolves and customer needs change. Some of the top competitors in the PC industry are IBM, Hewlett-Packard, Dell and Apple. Theses rivals are constantly jockeying for the top competitor’s position. They compete in prices, product innovation, advertising, etc.

And these analyses will be done with the help of Porter’s 5 forces (see appendix 1, 2, 3). This analysing toll deals with issues which are from outside the industry that impacts the nature of competition within the certain industry. Thurlby, (1998) stated “Understanding the nature of each of these forces gives organisations the necessary insights to enable them to formulate the appropriate strategies to be successful in their market”1. The analysis of the three industry are given belowPC industry (See appendix 1) This competition within the PC industry is extraordinarily high consisting with top companies like Dell, HP, Apple, Gateway and Sony. In order to gain competitive advantage, the key factors are advancement in technology, custom built PCs, reliability and standard customer service. The life cycle of PC industry can be seen as mature (See appendix 6); however the growth of PC’s has not decline. The reason is due to the globalisation trends taking place within the major firms. The barriers very high where there are already five main firms that dominate the market. Therefore, the chances of new PC companies entering the market and get significant hold of market share is very slender. The main two factors that are making the entry level high are mainly cost and distribution and the top five firms also control 70 per cent of the global personal computer market. Another factor may be is that