Your company has a customer list that includes 3000 people. Your market research indicates that 90 of them responded to the coupon. If you send a coupon to ONE customer at random, what’s the probability that he or she will use the coupon? Group of answer choices 3%. 9%. 30%. 90%. None of the above.

Q: A firm wants to maximize its expected profit. The firm must choose the production quantity q. The…

A: Maximization of profit is the process of increasing the revenue to the highest point till the…

Q: Suppose the large number of bike accidents in a small town results in new legislation that requires…

A: Suppose the large number of bike accidents in a small town results in new legislation that requires…

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Q: You hold an oral, or English, auction among three bidders. You estimate that each bidder has a value…

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Q: An investor considers investing $17,000 in the stock market. He believes that the probability is…

A: Probability tells us the approximate chance of things taking place. It basically briefs us about the…

Q: Q1: You are a juror contemplating your verdict on a criminal case. Based on all of the evidence you…

A: Answer-

Q: A risk-neutral firm produces chemical products, and its objective is to maximize expected profit.…

A: Given information When firm invest low amount for safety Cost=$0 Probability of accident= 80%…

Q: Find the mixed strategy Nash equilibrium by using the concept of probabilities. Player X West{W}…

A: Let the probability of of player Y be p and 1-p

Q: A seller will run a second-price, sealed-bid auction for an object. There are two bidders, a and b,…

A: In a sealed-bid auction, competitors enter their bids simultaneously in sealed envelopes, keeping…

Q: A reserve price is a minimum price set by the auctioneer. If no bidder is willing to pay the reserve…

A: given that, Bidder 1 values are $75 $75 $200 $200 Bidder 2 value are  $75 $200 $200 $200 and…

Q: extensive form

A: A "choice maker" refers to a character or entity with the authority or duty to make selections or…

Q: In a game, there are three values 1, 000, 2.500 and 5,000 and the cost of the game is 1, 500 . If…

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Q: If the farmer uses pesticides he expects a crop of 60,000 bushels; if he does not use pesticides he…

A: Without pesticides,profit Profit=total revenue-total cost Total revenue=50000*10=500000 Total…

Q: You are currently a worker earning $60,000 per year but are considering becoming an entrepreneur.You…

A: Total Cost = 150000+50000+40000 = $240000 There are two scenarios possible: Low revenue scenario…

Q: You consider buying a lot on which you will build a small apartment complex. The asking price for…

A: To determine whether to buy the lot and when to build the apartment complex,  start by calculating…

Q: You hold an oral, or English, auction among three bidders. You estimate that each bidder has a value…

A: Under a given set of circumstances and economic situations,  when the price of a good or service is…

Q: Determine the EMV for the problem and identify the best decision.

A: EMV (Expected Monetary Value) is a decision-making tool that is widely used to assess the potential…

Q: Male antelopes (lopes) fight for the right to mate. Whenever two lopes encounter each other, they…

A: Game Theory is defined as a concept that studies the interaction between two or more players in a…

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A:

Q: Chicken Little is risk-neutral, but is concerned about the sky falling. She believes that there is a…

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Q: Let's say we have a game called "guess 2/3 of the average," where players can choose any number x ∈…

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Q: Managers of the restaurant, NicePizzeria@Nola, have to plan for the number of pizzas they want to…

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Q: For what range of probability that demand will be high, will she decide to lease the medium…

A: Given that, Size of Outlet Demand   Low High Small $1,000 $1,000 Medium $500 $2,500 Large…

Q: If the farmer uses pesticides he expects a crop of 60,000 bushels; if he does not use pesticides he…

A: Using pesticides would ensure more profitability to farmer because he would sell 10000 extra bushels…

Q: A dealer decides to sell an antique automobile by means of an English auction with a reservation…

A: The expected revenue from selling car = 1/3(7200+3600) - 900 = 3600 - 900 = $2500 The price of $900…

Q: In the final round of a TV game show, contestants have a chance to increase their current winnings…

A: Expected value is the sumproduct of probabilities and the payoff values, positive or negative.…

Q: You work at a mechanic shop.  40% of cars that come in have a flat tire.  If there are 50 cars in…

A: Given, Probability- 40% No of cars- 50 To find- probability of 30 cars to have flat tires