Other sets by this creator
Employees in a large manufacturing plant worked an average of hours of overtime last year, with a standard deviation of hours. For a simple random sample of employees and the number of overtime hours worked last year, determine the -score corresponding to each of the following sample means:
Disk drives have been getting larger. Their capacity is now often given in terabytes (TB), where gigabytes or about a trillion bytes. A survey of prices for external disk drives encountered the following data:
|Capacity (in TB)||Price (in $)|
a) Prepare a scatterplot of Price against Capacity.
Suppose there are 1,000 hot pretzel stands operating in New York City. Each stand has the usual U-shaped average-total-cost curve. The market demand curve for pretzels slopes downward, and the market for pretzels is in long-run competitive equilibrium. a. Draw the current equilibrium, using graphs for the entire market and for an individual pretzel stand. b. The city decides to restrict the number of pretzel-stand licenses, reducing the number of stands to only 800. What effect will this action have on the market and on an individual stand that is still operating? Draw graphs to illustrate your answer. c. Suppose that the city decides to charge a fee for the 800 licenses, all of which are quickly sold. How will the size of the fee affect the number of pretzels sold by an individual stand? How will it affect the price of pretzels in the city? d. The city wants to raise as much revenue as possible, while ensuring that all 800 licenses are sold. How high should the city set the license fee? Show the answer on your graph.