Statistics for Management and Economics, Abbreviated
Statistics for Management and Economics, Abbreviated
10th Edition
ISBN: 9781305480483
Author: KELLER, Gerald
Publisher: Cengage Learning
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Chapter 10.2, Problem 11E

a:

To determine

Calculate the population mean with sample size 25.

b:

To determine

Calculate the population mean with sample size 100.

c:

To determine

Calculate the population mean with 99% confidence interval.

d:

To determine

Impact on confidence interval.

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In the following table, complete the third column by determining the quantity sold in each country at a price of $18 per toy train. Next, complete the fourth column by calculating the total profit and the profit from each country under a single price. Price Single Price Quantity Sold Price Discrimination Country (Dollars per toy train) (Millions of toy trains) Profit (Millions of dollars) Price (Dollars per toy train) Quantity Sold (Millions of toy trains) Profit (Millions of dollars) France 18 Russia 18 Total N/A N/A N/A N/A Suppose that as a profit-maximizing firm, Le Jouet decides to price discriminate by charging a different price in each market, while its marginal cost of production remains $8 per toy. Complete the last three columns in the previous table by determining the profit-maximizing price, the quantity sold at that price, the profit in each country, and total profit if Le Jouet price discriminates. Le Jouet charges a lower price in the market with a relatively elastic…
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