Contemporary Mathematics for Business & Consumers
8th Edition
ISBN: 9781305585447
Author: Robert Brechner, Geroge Bergeman
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 25AT
Brian Hickman bought 2,000 shares of stock at $62 per share. Six months later he sold the 2,000 shares at $87 per share. If the total stockbroker’s commission was $740, how much profit did he make on this transaction?
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Price (S)
The graph below depicts a firm with market power. In the graph, MC represents the firm's marginal costs, ATC represents the average total costs, D represents demand, and MR represents marginal revenue.
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MC
ATC
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MR
a. At 60 units of output, how much would this profit-maximizing monopolist charge?
b. How many units would it produce to maximize total revenue rather than total profit?
c. What is the maximum quantity this firm can produce without incurring economic losses?
d. Calculate the firm's profit at the profit-maximizing output and price.
e. Why is this firm's marginal revenue curve below its demand curve? Explain.
A well-known company predominantly makes flat pack furniture for students. Variability with the automated machinery means the wood components are cut with a standard deviation in length of 0.45 mm. After they are cut the components are measured. If their length is more than 1.2 mm from the required length, the components are rejected.
a) Calculate the percentage of components that get rejected.
b) In a manufacturing run of 1000 units, how many are expected to be rejected?
c) The company wishes to install more accurate equipment in order to reduce the rejection rate by one-half, using the same ±1.2mm rejection criterion. Calculate the maximum acceptable standard deviation of the new process.
Chapter 1 Solutions
Contemporary Mathematics for Business & Consumers
Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Write the following whole numbers in numerical...Ch. 1.I - Write the following whole numbers in numerical...
Ch. 1.I - Write the following whole numbers in numerical...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Prob. 20RECh. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - 23. According to the American Wind Energy...Ch. 1.I - According to the Financial Times, in a recent...Ch. 1.II - Add the following sets of whole numbers and verify...Ch. 1.II - Prob. 4TIECh. 1.II - Prob. 1RECh. 1.II - Prob. 2RECh. 1.II - Prob. 3RECh. 1.II - Prob. 4RECh. 1.II - Prob. 5RECh. 1.II - 2,339+118+3,650+8,770+81+6=Ch. 1.II - Prob. 7RECh. 1.II - Prob. 8RECh. 1.II - Prob. 9RECh. 1.II - Estimate the following by rounding each number all...Ch. 1.II - Prob. 11RECh. 1.II - Prob. 12RECh. 1.II - Prob. 13RECh. 1.II - At Cherry Valley Farms, a farmer plants 350 acres...Ch. 1.II - Prob. 15RECh. 1.II - Prob. 16RECh. 1.II - Prob. 17RECh. 1.II - Prob. 18RECh. 1.II - Prob. 19RECh. 1.II - Prob. 20RECh. 1.II - Prob. 21RECh. 1.II - Prob. 22RECh. 1.II - Prob. 23RECh. 1.II - Subtract the following numbers.
24. Subtract 5,868...Ch. 1.II - Subtract the following numbers.
25. Subtract...Ch. 1.II - The beginning inventory of the Designer Shoe Salon...Ch. 1.II - Prob. 27RECh. 1.II - 28. Use the U.S Postal Service Mail Volume graph...Ch. 1.II - Prob. 29RECh. 1.II - An Allied Vans Lines moving truck picks up loads...Ch. 1.II - A personal balance sheet is the financial picture...Ch. 1.III - Multiply the following numbers and verify your...Ch. 1.III - Divide the following numbers and verify your...Ch. 1.III - Prob. 1RECh. 1.III - Multiply the following numbers and verify your...Ch. 1.III - Prob. 3RECh. 1.III - Prob. 4RECh. 1.III - Prob. 5RECh. 1.III - Prob. 6RECh. 1.III - Prob. 7RECh. 1.III - Prob. 8RECh. 1.III - Prob. 9RECh. 1.III - Prob. 10RECh. 1.III - Prob. 11RECh. 1.III - Dazzling Designs made custom drapery for a client...Ch. 1.III - Prob. 13RECh. 1.III - There are 34 stairs from bottom to top in each of...Ch. 1.III - Prob. 15RECh. 1.III - 16. Bob Powers, a consulting electrical engineer,...Ch. 1.III - Prob. 17RECh. 1.III - Prob. 18RECh. 1.III - Prob. 19RECh. 1.III - Prob. 20RECh. 1.III - Prob. 21RECh. 1.III - Prob. 22RECh. 1.III - Prob. 23RECh. 1.III - Tip-Top Roofing has 50,640 square feet of roofing...Ch. 1.III - 25. A calculator uses eight circuit boards, each...Ch. 1.III - 26. Eric Shotwell borrows $24,600 from the...Ch. 1.III - A 16-person college basketball team is going to a...Ch. 1.III - You have just purchased a 65-acre ranch for a...Ch. 1.III - As the IT manager for FastNet Enterprises, you...Ch. 1.III - 30. You are the owner of Decorama Flooring. Todd...Ch. 1 - 1. The number system most widely used in the world...Ch. 1 - Prob. 2CRCh. 1 - Prob. 3CRCh. 1 - Prob. 4CRCh. 1 - Prob. 5CRCh. 1 - Rounding all the way is a process of rounding...Ch. 1 - Prob. 7CRCh. 1 - 8. When performing addition, we write the addends...Ch. 1 - 9. The mathematical process of taking away, or...Ch. 1 - Prob. 10CRCh. 1 - Prob. 11CRCh. 1 - Prob. 12CRCh. 1 - Prob. 13CRCh. 1 - 14. Show four ways to express 15 divided by 5....Ch. 1 - Read and write the following whole numbers in...Ch. 1 - Read and write the following whole numbers in...Ch. 1 - Prob. 3ATCh. 1 - Prob. 4ATCh. 1 - Round the following numbers to the indicated...Ch. 1 - Round the following numbers to the indicated...Ch. 1 - Prob. 7ATCh. 1 - Prob. 8ATCh. 1 - Prob. 9ATCh. 1 - Prob. 10ATCh. 1 - Prob. 11ATCh. 1 - Prob. 12ATCh. 1 - Prob. 13ATCh. 1 - Prob. 14ATCh. 1 - Prob. 15ATCh. 1 - The following chart shows the number of meals...Ch. 1 - Prob. 17ATCh. 1 - 18. The stadium parking lot at Fairview College...Ch. 1 - Prob. 19ATCh. 1 - Facebook reported that for one three-month period,...Ch. 1 - You are in charge of organizing the annual...Ch. 1 - Prob. 22ATCh. 1 - Prob. 23ATCh. 1 - A banana nut bread recipe calls for 2 cups of...Ch. 1 - Brian Hickman bought 2,000 shares of stock at $62...Ch. 1 - 26. The Canmore Mining Company produces 40 tons of...Ch. 1 - Prob. 27ATCh. 1 - The Iberia Corporation purchased a new warehouse...Ch. 1 - A flatbed railroad car weighs 150 tons empty and...Ch. 1 - The Spring Creek Police Department has been asked...Ch. 1 - Prob. 31ATCh. 1 - John Rock has narrowed down his selection of a new...Ch. 1 - Prob. 33AT
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