Of the travelers arriving at a small airport, 50% fly on major airlines, 40 % fly on privately owned planes, and the remainder fly on commercially owned planes notbelonging to a major airline. Of those traveling on the major airlines, 60 % are traveling for business reasons, whereas 40% of those arriving on private planes and90% of those arriving on the other commercially owned planes are traveling for business reasons. Suppose that we randomly select one person arriving at the airport.Step 1 of 3: What is the probability that the person randomly selected is traveling on business? Round your answer to two decimal places, if necessary.

Step 1: The percent of travelers who fly on commercially owned planes would be= 100% - percent of…

Answered: Of the travelers arriving at a small…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Of the travelers arriving at a small airport, 40 % fly on major airlines, 40 % fly on privately owned planes, and the remainder fly on commercially owned planes not belonging to a major airline. Of those traveling on the major airlines, 80 % are traveling for business reasons, whereas 60% of those arriving on private planes and 50% of those arriving on the other commercially owned planes are traveling for business reasons. Suppose that we randomly select one person arriving at the airport. Step 1 of 3: What is the probability that the person randomly selected is traveling on business? Round your answer to two decimal places, if necessary.
QUESTION 10 YouTube generates revenue by showing ads to consumers who watch videos on its website. Suppose that, for each person watching a video, YouTube receives one dollar in ad revenues (P=1). Arthur is a professional video-game player. He plays the video-game "Fortnite" and uploads his video to YouTube. The number of people who will watch his video depends on Arthur's effort producing the video and increasing its quality. The number Q of viewers as a function of Arthur's effort "e" is given by the function Q= Be. Arthur's offort cost is 202. His utility equals his income minus ys effort cost. To give incentives to Arthur to create better videos and attract more viewers, YouTube decides to pay Arthur a bonus b for each person watching his video. YouTube also has an operational cost 30 Operational cost - 32 which is the cost of maintaining its internet servers and administrative staff. YouTube's profit equals the ad revenue minus the payment to Arthur and the operational cost. Find…
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ADVERSE SELECTIONSomet Health Insurance Company wants to sell a health insurance product for $700 permonth. There is no requirement for healthy people to have insurance coverage. Thecompany conducts a survey to see how different populations respond to the proposed cost.People with no illnesses and disabilities, generally the young and healthy, respond that theydo not spend $700 on healthcare in an entire year, and most feel they would not waste somuch money on premiums when the chance of needing surgery or expensive healthcaretreatments is so small. However, older, sicker people think that $700 per month is a greatdeal, as most of them spend far in excess of this amount on healthcare. It seems like agreat deal for them. What will happen to the costs of the health insurance if only the older, sicker peopleenroll?
Firms in India are losing productivity because of Facebook. Office staff are spending too long on the social networking site. According to The Associated Chambers of Commerce and Industry (Assocham) employees use Orkut, Facebook, Myspace, and Linkedin for "romancing" and other purposes. On average, employees spend an hour a day on sites like Facebook. This reduces productivity by 12.5%. Nearly half of office employees accessed Facebook during work time. Some 83% saw nothing wrong in surfing at work during office hours. In September 2009 Portsmouth City Council in England banned staff from accessing Facebook on its computers when it was discovered that they spent, on average, 400 hours on the site every month. Analyze the possible consequences for businesses in India of banning access to Facebook and other social networking sites.
Firms in India are losing productivity because of Facebook. Office staff are spending too long on the social networking site. According to The Associated Chambers of Commerce and Industry (Assocham) employees use Orkut, Facebook, Myspace, and Linkedin for "romancing" and other purposes. On average, employees spend an hour a day on sites like Facebook. This reduces productivity by 12.5%. Nearly half of office employees accessed Facebook during work time. Some 83% saw nothing wrong in surfing at work during office hours. In September 2009 Portsmouth City Council in England banned staff from accessing Facebook on its computers when it was discovered that they spent, on average, 400 hours on the site every month. Question What is meant by productivity? Analyze the impact on a fall in productivity on costs. Analyze the possible consequences for businesses in India of banning access to Facebook and other social networking sites. Do you think access should be denied?
In the July 29, 2001, issue of The Journal News (Hamilton, Ohio), Lynn Elber of the Associated Press reported that “while 40 percent of American families own a television set with a V-chip installed to block designated programs with sex and violence, only 17 percent of those parents use the device.”(a)Use the report’s results to find an estimate of the probability that a randomly selected American family has used a V-chip to block programs containing sex and violence.find P(V and U)According to the report, more than 50 percent of parents have used the TV rating system (TV-14, etc.) to control their children’s TV viewing. How does this compare to the percentage using the V-chip?
A researcher wants to study about the behaviours of postgraduate students in Australia in mobile phone usage. One of the goals of the study is to analyse whether there is a relationship between the amount of time they spend using the mobile phone and their gender. What are the two variables involved to achieve that goal?
Suppose that you own a used car dealership. You want to sell a 2005 Honda Civic LX. You know that this car is of high quality, and it cost you $5000 to acquire it (so you will not sell it at a price below $5000). However, consumers cannot see the quality of the car at the time of purchase. They believe that 25% of the cars in the used car market are high-quality cars and 75% are low-quality cars or “lemons.” A typical lemon costs $2000 to acquire (so you will not sell it at a price below $2000). Consumers are eager to buy and are willing to pay up to $3000 for a lemon and $6000 for a high-quality car. From now on, suppose that only you (the seller) know the quality of the cars. (Buyers do not know the quality, but know the proportion of high- and low-quality cars in the market). Suppose that you could offer bumper-to-bumper warranties. You know that offering a warranty on a high-quality car costs, on average, $450 per year of warranty offered, while a warranty on a lemon is very…
Suppose that you own a used car dealership. You want to sell a 2005 Honda Civic LX. You know that this car is of high quality, and it cost you $5000 to acquire it (so you will not sell it at a price below $5000). However, consumers cannot see the quality of the car at the time of purchase. They believe that 25% of the cars in the used car market are high-quality cars and 75% are low-quality cars or “lemons.” A typical lemon costs $2000 to acquire (so you will not sell it at a price below $2000). Consumers are eager to buy and are willing to pay up to $3000 for a lemon and $6000 for a high-quality car. (a) Suppose for a moment that buyers could observe the quality of your car at the time of purchase. At what price would you be able to sell the 2005 Honda Civic Accord LX? If you had a lemon instead, what price would it sell at? (Suppose as a dealer you can induce buyers to pay at their highest willingness to pay. Keep this assumption in all of the following questions.) From now on,…
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