Q3 Increased Price, Increased QuantityO Increased Price, Decreased QuantityO Decreased Price, Increased QuantityDecreased Price, Decreased Quantity What happened to the price and quantity bell-bottom pants when they becomepopular?Tour Seach for VALUE Ends at PenneysHis 'n' Hers Dusty-TonedJacket and Jeans in Softest100% Brushed Cotton Sateen15.00

Answer: option a (increased price, increased quantity) Explanation: If the bell-bottom pants become…

Answered: What happened to the price and quantity…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Managers of the restaurant, NicePizzeria@Nola, have to plan for the number of pizzas they want to make at the beginning of each day. Based on market research, the managers know the daily demand can only be one of the three levels: 30, 40 or 50 pizzas. Also, the probabilities of getting a daily demand of 30, 40, 50 pizzas are 0.3, 0.4, 0.3 respectively. The managers decide that their tentative daily supply of pizza should also be one of the three levels: 30, 40 or 50 pizzas. Each pizza costs $3 to make and the price is $8 per pizza. Note: The profit for each pizza sold is $5. For the ones supplied but not sold, the profit is -$3. Fill in the following profit table (hint: use two-way table ) and use the profit table to answer the questions. Three demand levels 30 40 50 30 Three supply 40 levels 50 1) What is the maximin supply level? 2) What is the maximum expected profit (across three supply levels)?
Arielle is a risk-averse traveler who is planning a trip to Canada. She is planning on carrying $400 in her backpack. Walking the streets of Canada, however, can be dangerous and there is some chance that she will have her backpack stolen. If she is only carrying cash and her backpack is stolen, she will have no money ($0). The probability that her backpack is stolen is 1/5. Finally assume that her preferences over money can be represented by the utility function U(x)=(x)^0.5 Suppose that she has the option to buy traveler's checks. If her backpack is stolen and she is carrying traveler's checks then she can have those checks replaced at no cost. National Express charges a fee of Sp per $1 traveler's check. In other words, the price of a $1 traveler's check is $(1+p). If the purchase of traveler's checks is a fair bet, then we know that the purchase of traveler checks will not change her expected income. Show that if the purchase is a fair bet, then the price (1+p) = $1.25.
N⁴q1
If you choose two people at random, what is the probability that both have the same blood type?
Two identically able agents are competing for a promotion. The promotion is awarded on the basis of output (whomever has the highest output, gets the promotion). Because there are only two workers competing for one prize, the losing prize=0 and the winning prize =P. The output for each agent is equal to his or her effort level times a productivity parameter (d). (i.e. Q2=dE1 , Q2=dE2). If the distribution of “relative luck” is uniform, the probability of winning the promotion for agent 1 will be a function of his effort (E1) and the effort level of Agent 2 (E2). The formula is given by...Prob(win)=0.5 + α(E1-E2), where α is a parameter that reflects uncertainty and errors in measurement. High measurement errors are associated with small values of α (think about this: if there are high measurement errors, then the level of an agent’s effort will have a smaller effect on his/her chances of winning). Using this information, please answer the following questions. Both workers have a…
Consider a city where everyone commutes to the city center and commuting cost per mile per month is $40. Each household occupies a 1,000-square-foot dwelling and has $7,000 worth of possessions in its dwelling. The probability that any particular household will be burglarized (involving the uninsured loss of all possessions) is 0.10 at the city center and decreases by 0.01 per mile (to 0.09 at one mile, 0.08 at two miles, and so on). The housing price is $1.00 per square foot at the city center. a) Draw the housing-price curve for locations up to five miles from the city center.
Nn3 Suppose an incumbent monopoly firm currently earns a profit of $50,000 per period. A potential entrant could enter and make a profit of $15,000 per period while also lowering the incumbent’s profit to $20,000 per period. The monopoly firm could seek to engage in predatory pricing, which would lead to both firms earning a loss of $5,000 per period. (a) Is there a Nash Equilibrium in this game? If so, what is it? (b) Discuss how this game might play out in the real world?
Stewart will have a total wealth of $12,000 this year, if he stays healthy. Suppose Stewart has a 50% chance of staying healthy and a 50% chance of getting sick. If Stewart gets sick, then he will have to pay $8,000 for medical bills, leaving him $4,000 of total wealth. Under these conditions, Stewarts expected wealth (a.k.a. expected value of wealth) is $8,000. Based on the graph shown below, what level of wealth with certainty (i.e., wealth that Stewart is certain to have) would make Stewart equally as happy as he is when facing the 50% chance of being sick?
Bella Robinson and Steve Carson are running for a seat in the U.S. Senate. If both candidates campaign only in the major cities of the state, then Robinson is expected to get 80% of the votes; if both candidates campaign in only rural areas, then Robinson is expected get 75% of the votes; if Robinson campaigns exclusively in the city and Carson campaigns exclusively in the rural areas, then Robinson is expected to get 30% of the votes; finally, if Robinson campaigns exclusively in the rural areas and Carson campaigns exclusively in the city, then Robinson is expected to get 65% of the votes. (a) Construct the payoff matrix for the game. (Enter each percentage as a decimal.) Carson City Rural Robinson CityRural Is the game strictly determined? YesNo (b) Find the optimal strategy for both Robinson (row) and Carson (column). P = Q =
please send handwritten solution for Q3
You work at a mechanic shop. 40% of cars that come in have a flat tire. If there are 50 cars in the shop, what is the probability that more than 30 have a flat tire? Round to three decimal points.

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What happened to the price and quantity bell-bottom pants when they become popular? Tour Seach for VALUE Ends at Penneys