Given the following data, find the weight that represents the 31st percentile.Weights of NewbornBabies7.9 7.6 6.5 7.9 7.48.5 6.2 6.9 9.2 7.8007.47.06.5 7.9 8.2

Step 1: Arrange the all the given values in ascending order (smallest to largest…

Answered: Given the following data, find the…

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter19: Externalities And Public Goods

Section: Chapter Questions

Problem 19.12P

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Interpret the coefficients and calculate the price elasticity of soft drink demand.
You are considering entry into a market in which there is currently only one producer (incumbent). If you enter, the incumbent can take one of two strategies, price low or price high. If he prices high, then you expect a $60K profit per year. If he prices low, then you expect $20K loss per year. You should enter if you believe demand is inelastic. you believe the probability that the incumbent will price low is greater than 0.75. you believe the probability that the incumbent will price low is less than 0.75. you believe the market size is growing.
The forecasting staff for the Prizer Corporation has developed a model to predict sales of its air-cushioned-ride snowmobiles. The model specifies that sales S vary jointly with disposable personal income Y and the population between ages 15 and 40, Z, and inversely with the price of the snowmobiles P. Based on past data, the best estimate of this relationship is S=kYZP where k has been estimated (with past data) to equal 100. If Y=11,000,Z=1,200, and P=20,000, what value would you predict for S? What happens if P is reduced to $17,500? How would you go about developing a value for k? What are the potential weaknesses of this model?
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Given the following data, find the weight that represents the 31st percentile. Weights of Newborn Babies 7.9 7.6 6.5 7.9 7.4 8.5 6.2 6.9 9.2 7.8 00 7.4 7.0 6.5 7.9 8.2