Are events S and W independent?Explain your answer to the previous question using the probability formula. In Grocerytown there are seven supermarkets.•Past research has shown that out of 100 typical customers shopping in person at noon onMonday:5 are shopping at store 120 at store 2О5 at store 3о25 at store 4○15 at store 5○10 at store 620 at store 7Stores 1,4 and 6 are Safeway stores.Stores 2, 3, 5 and 7 are Whole Foods stores.•Stores 2, 4 and 7 are located downtown.•••Assume that one customer is chosen at random and that a customer only shops at onestore. (We are talking about physical shopping at the store at a particular point in time, soa customer can only shop at one store.Outcome E; refers to the random customer shopping at store i.Event S means that the customer shops at a Safeway store.Event W means that the customer shops at a Whole Foods store.Event D means that the customer shops at a store located downtown.

Number of customers at each store (out of 100 typical customers):Store 1: 5 customersStore 2: 20…

Answered: Are events S and W independent? Explain…

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 3.3CE

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3. Suppose that individuals with a strong enthusiasm for technology are willing to pay $500 now for the latest iPhone, but only $350 if they must wait a year. Normal people are willing to pay $250, and their desire to purchase does not vary with time. Assume for simplicity that there are equal numbers of each customer type (strong enthusiasm and normal), that the MC of the iPhone is $100, ignore the time value of money, and there are only two years. (Hint: With discrete problems consider all the different options and evaluate each of them to determine the optimal strategy. In this case, there are only three prices given and two time periods, so a total of 6 pricing strategies exist but some of them will.) What is the highest profit level that can be achieved if the price for an iPhone is fixed for both years (uniform pricing)? What is the highest profit level that can be achieved if the price for an iPhone can be altered across the two years?
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2. (+3) For events A, B, and C, state whether each of the following is always true (T) or not always true (F): (a) P(A|B) + P(A|B) = 1 (b) If A and B are independent events then A is independent of B. (c) If P(C) > 0 and P(A) > P(B) then P(A|C) > P(B|C).
9.) w = Blank 1 : show in four decimal P0Total = $ Blank 2 F7Total / P0Total = $ Blank 3 A / P0Total = $ Blank 4
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4. ABC hotel in Ottawa has 20 rooms. Based on the past date, the hotel man- ager estimates that 15% chancre of any confirmed reservation is "no-show." Consequently, the hotel would like to accept more confirmed reservations than 20, say, 25. If more con- firmed guests arrive than there are rooms, the overbooked guests are sent to another hotel and given a complimentary dinner. Suppose that the hotel currently has 25 confirmed reservations. (a) Is this a binomial experiment? Why or why not? What is the random variable of interest? (b) Find i. The probability that no customers will be sent to another hotel; ii. The probability that exactly 2 guests will be sent to another hotel; iii. The probability that 3 or more guests will be sent to another hotel.
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Label each of the following behaviors with the correct bias or heuristic. LO8.3 a. Your uncle says that he knew all along that the stock market was going to crash in 2008. b. When Fred does well at work, he credits his intelligence. When anything goes wrong, he blames his secretary. c. Ellen thinks that being struck dead by lightning is much more likely than dying from an accidental fall at home. d. The sales of a TV that is priced at $999 rise after another very similar TV priced at $1,300 is placed next to it at the store. e. The sales of a brand of toothpaste rise after new TV commercials announce that the brand “is preferred by 4 out of 5 dentists.”
Suppose that there is a 20 percent change that George's coffee shop will make $9000 in profits in January and a 40 percent chance it will make 1000 profits and a 40 percent chance that it will make -$1000 in profits (i.e., it will lose $1000). Calculate the coffee shop's expected profits

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