Concept explainers
Market share. Consumers can choose between three long distance telephone services: GTT, NCJ, and Dash. Aggressive marketing by all three companies results in a continual shift of customers among the three services. Each year. GTT loses
Want to see the full answer?
Check out a sample textbook solutionChapter 9 Solutions
Finite Mathematics for Business, Economics, Life Sciences and Social Sciences
Additional Math Textbook Solutions
Calculus Volume 1
Probability and Statistics for Engineers and Scientists
Excursions in Modern Mathematics (9th Edition)
Mathematics with Applications In the Management, Natural and Social Sciences (11th Edition)
Fundamentals of Differential Equations and Boundary Value Problems
Mathematics All Around (6th Edition)
- 23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes 1/2 of the food and 1/3 of the manufactured goods. Manufacturing consumes 1/2 of the food and 2/3 of the manufactured goods. Assuming the economy is closed and in equilibrium, find the relative outputs of the farming and manufacturing industries.arrow_forwardSuppose the coal and steel industries form a closed economy. Every $1 produced by the coal industry requires $0.30 of coal and $0.70 of steel. Every $1 produced by steel requires $0.80 of coal and $0.20 of steel. Find the annual production (output) of coal and steel if the total annual production is $20 million.arrow_forwardWhat operations can be performed on a linear system to arrive at an equivalent system?arrow_forward
- Profit: At a local store, the numbers of gallons of skim milk, 2% milk, and whole milk sold over the weekend are represented by A. Skim2%WholemilkmilkmilkA=406452608276769684FridaySaturdaySunday The selling prices per gallon and the profits per gallon for the three types of milk are represented by B. SellingProfitProfitB=$3.45$1.20$3.65$1.30$3.85$1.45Skimmilk2%milkWholemilk (a) Compute AB and interpret the result. (b) Find the store’s total profit from the milk sales for the weekend.arrow_forwardSuppose a bank draws its venture capital funds annually from three sources of income: business loans, auto loans, and home mortgages. One spreadsheet shows the income from each of these sources for the years 2023, 2024, and 2025, and the second spreadsheet shows the venture capital for these years. If the bank uses a fixed percent of its income from each of the business loans, find the percent of income from each of these loans. Spreadsheet 1 A 1 2 3 4 5 Years 2023 2024 2025 Spreadsheet 2 A Years 2023 2024 2025 1234 B с Income from Loans ($millions) Business 532 562 578 Auto 58 62 69 B Capital (millions) 483.97 503.25 521.33 D Home 682 695 721 C The percent of income from business loans is about% The percent of income from auto loans is about The percent of income from home loans is about %. (Do not round until the final answer. Then round to the nearest integer as needed.)arrow_forwardLyme disease is spread in the northeastern United States by infected ticks. The ticks are infected mainly by feeding on mice, so more mice result in more infected ticks. The mouse population in turn rises and falls with the abundance of acorns, their favored food. Experimenters studied two similar forest areas in a year when the acorn crop failed. They added hundreds of thousands of acorns to one area to imitate an abundant acorn crop, while leaving the other area untouched. The next spring, 54 of the 72 mice trapped in the first area were in breeding condition, versus 10 of the 17 mice trapped in the second area. Estimate the difference between the proportions of mice ready to breed in good acorn years and bad acorn years. Let p1 and p2 be (respectively) the proportions of mice ready to breed in good acorn years and bad acorn years. Find the LOWER LIMIT(Lower value) of a 90% confidence interval for p1-p2 .arrow_forward
- Attachedarrow_forwardLyme disease is spread in the northeastern United States by infected ticks. The ticks are infected mainly by feeding on mice, so more mice result in more infected ticks. The mouse population in turn rises and falls with the abundance of acorns their favored food. Experimenters studied two similar forest areas in a year when the acorn crop failed. They added hundreds of thousands of acorns to one area to imitate an abundant acorn crop, while leaving the other area untouched. The next spring, 54 of the 77 mice trapped in the first area were in breeding condition versus 9 of the 15 mice trapped in the second area. Give a 99% confidence interval for the difference between the proportion of mice ready to breed in good acorn years and bad acorn years. Follow the Toolbox. Lower bound:___________________ Upper bound:___________________arrow_forwardA company produces 3 products. Each unit of product 1, 2, and 3 generate a profit of GH₵10, GH₵12, and GH₵12 respectively. Each product has to go through a manufacturing, assembly, and testing phase. The company’s resources are such that only 20 hours of manufacturing, 20 hours of assembly, and 20 hours of testing are available. Each unit of product 1 has to spend 1 hour in manufacturing, 2 hours in assembly, and 2 hours in testing. Each unit of product 2 has to spend 2 hours in manufacturing, 1 hour in assembly, and 2 hours in testing. Each unit of product 3 has to spend 2 hours in manufacturing, 2 hours in assembly, and 1 hour in testing. Company ABC wants to know how many units of each product it should produce, in order to maximize its profit.a) Formulate a linear programming model for this problem.arrow_forward
- Hospital Beds. The number of hospital beds available in community hospitals is decreasing. Through advancement in care and technology, hospitals are getting more efficient. However, the aging and increasingly obese and diabetic population intensifies the need. The American Hospital Association Annual Survey, published by the American Hospital Association (AHA), gave the number of hospital beds available per 1000 people for each of the 50 states plus the District of Columbia for 2010. Following is a stem-and-leaf diagram of the data. The stems represent units and the leaves tenths (e.g., the first entry is 1.7). How many states (including the District of Columbia) had a. at least three but less than four hospital beds per 1000 people available? b. at least four and a half hospital beds per 1000 people available?arrow_forwardThe Phony TV company makes two different types of television sets, OLED and LED, which are assembled by two different assembly lines. When Line One operates it assembles 30 units of the OLED model and 50 units of the LED model per hour. Line Two assembles 40 units of the OLED model and 40 units of the LED model per hour. Let x be the number of hours that Line One operates and y the number of hours Line Two operates. Phony needs to produce at least 3000 units of the OLED model and 4000 units of the LED model to fill an order. (a) Write down the inequalities that describe the assembly constraints. (b) Graph the feasible region determined by these constraints.arrow_forwardA company makes ceramic and porcelain tiles. They produce three different grades of tile, each of which requires different amounts of materials and production time and generates different contributions to profit. The accompanying table shows the percentage of materials needed for each grade and the profit per square foot. Each week, the company receives raw material shipments, which must be used efficiently to maximize profitability. Currently, inventory consists of 6,000 pounds of clay, 3,500 pounds of silica, 5,000 pounds of sand, and 8,500 pounds of feldspar. At most 8,000 square feet of grade III tiles should be produced and at least 2,000 square feet of grade I tiles are required. Each square foot of tile weighs approximately 2 pounds. Develop and solve a linear optimization model to determine how many of each grade of tile the company should make next week to maximize profit contribution. Click here to view the tile data. Complete the table below to indicate the number of square…arrow_forward
- Linear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage LearningAlgebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:Cengage
- Algebra and Trigonometry (MindTap Course List)AlgebraISBN:9781305071742Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage LearningCollege AlgebraAlgebraISBN:9781305115545Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning