are better at thinking about abstract things
think more often about the process of thinking itself
thinking is more often multidimensional (rather than limited to a single issue)
are more likely to see things as relative (rather than as absolute)
Other sets by this creator
Corporate Printing Company currently leases its only copy machine for $1,500 a month. The company is considering replacing this leasing agreement with a new contract that is entirely commission based. Under the new agreement, Corporate would pay a commission for its printing at a rate of$20 for every 500 pages printed. The company currently charges $0.20 per page to its customers. The paper used in printing costs the company$0.05 per page and other variable costs, including hourly labor, amount to $0.10 per page. Required: 1. What is the company’s breakeven point under the current leasing agreement? What is it under the new commission-based agreement? 2. For what range of sales levels will Corporate prefer (a) the fixed lease agreement and (b) the commission agreement? 3. Do this question only if you have covered the chapter appendix in your class. Corporate estimates that the company is equally likely to sell 20,000, 30,000, 40,000, 50,000, or 60,000 pages of print. Using information from the original problem, prepare a table that shows the expected profit at each sales level under the fixed leasing agreement and under the commission-based agreement. What is the expected value of each agreement? Which agreement should Corporate choose?
A hospital emergency room analyzed hourly observations on its average occupancy rates using six binary predictors representing days of the week and two binary predictors representing the 8-hour work shift (12 A.M.–8 A.M., 8 A.M.–4 P.M., 4 P.M.–12 A.M.) when the data were collected. The fitted regression equation was AvgOccupancy Mon − 0.187 Tue − 0.785 Wed − 0.580 Thu − 0.451 Fri − 0.267 Sat − 4.58 Shift1 − 1.65 Shift2 . (a) Why did the analyst use only six binaries for days when there are 7 days in a week? (b) Why did the analyst use only two work shift binaries when there are three work shifts? (c) Which is the busiest day? (d) Which is the busiest shift? (e) Interpret the intercept. (f ) Assess the regression’s fit.