MARKET SHARE At a certain university, three bookstores-the University Bookstore, the Campus Bookstore, and theBook Mart currently serve the university community.From a survey conducted at the beginning of the fall quar-ter, it was found that the University Bookstore and theCampus Bookstore each had 40% of the market, whereasthe Book Mart had 20% of the market. Each quarter, theUniversity Bookstore retains 80% of its customers butloses 10% to the Campus Bookstore and 10% to the BookMart. The Campus Bookstore retains 75% of its customersbut loses 10% to the University Bookstore and 15% to theBook Mart. The Book Mart retains 90% of its customersbut loses 5% to the University Bookstore and 5% to theCampus Bookstore. If these trends continue, what percent-age of the market will each store have at the beginninthe second quarter? The third quarter?

At a certain university, three bookstores— the University Bookstore, the Campus Bookstore, and the…

Answered: MARKET SHARE At a certain university,…

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 28EQ

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If during the following year it is predicted that each comedy skit will generate 30 thousand and each musical number 20 thousand, find the maximum income for the year. A television program director must schedule comedy skits and musical numbers for prime-time variety shows. Each comedy skit requires 2 hours of rehearsal time, costs 3000, and brings in 20,000 from the shows sponsors. Each musical number requires 1 hour of rehearsal time, costs 6000, and generates 12,000. If 250 hours are available for rehearsal and 600,000 is budgeted for comedy and music, how many segments of each type should be produced to maximize income? Find the maximum income.
A friend who lives in Los Angeles makes frequent consulting trips to Washington, D.C.;50% of the time she travels on airline #1, 30% of the time on airline #2, and the remaining 20% of the time on airline #3. For airline #1, flights are late into D.C.30% of the time and late into L.A.10% of the time. For airline #2,these percentages are 25% and 20%,whereas for airline #3 the percentages are 40% and 25%.If we learn that on a particular trip she arrived late at exactly one of the two destinations, what are the posterior probabilities of having flown on airlines #1,#2, and #3? Assume that the chance of a late arrival in L.A.is unaffected by what happens on the flight to D.C. [ Hint: From the tip of each first generation branch on a tree diagram, draw three second-generation branches labeled, respectively, 0 late,1late, and 2 late.]
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Based on 2017 sales, the six top-selling compact cars are the Honda Civic, Toyota Corolla, Nissan Sentra, Hyundai Elantra, Chevrolet Cruze, and Ford Focus (New York Daily News). The 2017 market shares are Honda Civic 20%, Toyota Corolla 17%, Nissan Sentra 12%, Hyundai Elantra 10%, Chevrolet Cruze 10%, and Ford Focus 8%, with other small car models comprising the remaining 23%. A sample of 400 compact car sales in Chicago showed the following number of vehicles sold. Excel File: data12-27.xlsx Honda Civic 98 Toyota Corolla 72 Nissan Sentra 54 Hyundai Elantra 44 Chevrolet Cruze 42 Ford Focus 25 Others 65 Use a goodness of fit test to determine whether the sample data indicate that the market shares for cars in Chicago are different than the market shares suggested by nationwide 2017 sales. Using a 0.05 level of significance, what is the p-value? Use Table 3 of Appendix B. The p-value is - Select your answer - What is your conclusion? Conclude that the markets shares for the seven compact…
. In 2010, of a total of 67,000 rooms on the Las Vegas Strip, Caesars Entertainment managed 22,880, while MGM Resorts managed over 12,000. However, owing to the Great Recession and new hotel openings, between 2008 and 2010, MGM's hotel occupancy decreased from 92% to 89%, while its average daily room rate fell from $148 to $108. Meanwhile, CityCenter, managed by MGM Resorts, and the Cosmopolitan opened with 4,000 and 3,000 rooms respectively, and the 1,720-room Sahara closed. (Sources: Caesars Entertainment Corp., Annual Report 2010; MGM Resorts, Annual Report 2010; "Sahara's closure on May 16 will mark `the end of an era'," Las Vegas Sun, March 11, 2011.) (a) Using a suitable figure, explain how the opening of CityCenter and the Cosmopolitan affects the residual demand for an existing hotel and how it should adjust prices. (b) If MGM Resorts had not reduced its room rates, what would have been the effect on occupancy? (c) Use the Cournot model to explain…
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The iHub features an array of 3D printers for student use. 3D printers use plastic filament spools to print out plastic parts. The iHub purchases 85% of their filament spools from Amazon, and the rest of their filament spools from Flash Forge. It has been determined that 9% of the filament spools from Amazon are defective, while only 3% of the filament spools from Flash Forge are defective. i) The iHub randomly selects one filament spool from its inventory. What is the probability of it being a defective filament spool? (three decimals) ii) If a filament spool at the iHub is randomly selected and determined to be defective, what is the probability that the filament spool was purchased from Amazon? (three decimals)
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A large industrial firm uses three local motels to provide overnight accommodations for its clients. From past experience it is known that 20% of the clients are assigned rooms at the Ramada Inn, 50% at the Sheraton, and 30% at the lakeview Motor Lodge. If the plumbing is faulty in 5% of the rooms at the Ramadan Inn, in 4% of the rooms at the Sheraton, and in 8% of the rooms at the Lakeview Motor Lodge, what is the probability that (a) a client will be assigned a room with faulty plumbing? (b) a person with a room having faulty plumbing was assigned accommodations at the Lakeview Motor Lodge?
A friend who lives in Los Angeles makes frequent consulting trips to Washington, D.C.; 60% of the time she travels on airline # 1, 20% of the time on airline on airline # 3. For airline #1, flights are late into D.C. 40% of the time and late into L.A. 15% of the time. For airline #2, these percentages are 35% and 10%. If we learn that on a particular trip she arrived late at exactly one of the two destinations, and # 3? Assume that the chance of a late arrival in L.A. is unaffected by what happens on the flight to D.C. [Hint: second-generation branches labeled, respectively, 0 late, 1 late, and 2 late.] (Round your answers to four decimal airline #1 airline #2 airline #3 20% of the time whereas #2, and the remaining percentages for airline #3 the what are flown on airlines From the tip of each first-generation branch on a tree diagram, draw three places.) the posterior of having #1, #2, and 15%, probabilities are 35%
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A car wash has three different types of washes: basic, classic, and ultimate. Based on records, 45% of customers get the basic wash, 35% get the classic wash, and 20% get the ultimate wash. Some customers also vacuum out their cars after the wash. The car wash records show that 10% of customers who get the basic wash, 25% of customers who get the classic wash, and 60% of customers who get the ultimate wash also vacuum their cars. What is the probability that a randomly selected customer purchases the basic or classic car wash if they vacuum their car? 0.13 0.48 0.52 0.80

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