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Problem 1:
Describe the properties of a binomial distribution.
Problem 2:
Consider a binomial problem with number of trials n = 8 and probability of success P = 0.3. Find the following probabilities:
- P(x ≤
- 5)
- P(x < 5)
- P(x ≥
- 6)
Problem 3:
40% of student assessments from a large course are marked by lecturer A, and the rest by lecturer B. A group of five students from this course shares a flat. Find the probability:
- that all have their work marked by lecturer B.
- that at least one has work marked by lecturer A.
- that exactly one has work marked by lecturer A.
Please show working out.
When the first Pizza Hut opened its doors back in 1958, it offered consumers one style of pizza: its Original Thin Crust Pizza. Since its modest beginnings, Pizza Hut has established itself as the leader of the $25 billion pizza industry. Today, Pizza Hut offers five styles of pizza, including the Original Thin Crust Pizza, Pan Pizza, and its Hand-Tossed Style. Explain why Pizza Hut has expanded its offerings of pizza over the past five decades, and discuss the long-run profitability of such a strategy
You have been hired as an account for the OPQ Distribution Company. The company sells medical supply products to hospitals and doctor offices used for a resale or merchandising operation. The types of medical products sold are gloves, thermometers, and wheelchairs. OPQ Distribution Company has hired you because there have been financial issues with accounting for the inventory and expensing the inventory. The company wants you to resolve the inventory problems by selecting the best inventory valuation method to ensure that the company can operate successfully and meet their customers´ needs.
Economists in Champaign have been studying the local market for Truly. They've found that the demand for Truly can be described by the following equation: P = 40 - 0.15Q What is the price elasticity of demand(using the Midpoint methodwhen moving from a quantity of 150 to 160? (input your answer in absolute value, and round it to include 2 decimal places.)
d) The same deputy minister of finance indicated that based on their research, after a
while mobile money customers will return to their respective service:
“The research we did also told us that there will be about 24 per cent attrition rate in the three months to six months that we will introduce it. The same research told us what should be done to bring back these people after a while, and we have all these things in place” Suppose that the 3-6 months constitute short-run and any period after that constitutes long-run. Based on the minister’s statement, is the demand for mobile money services more or less elastic in the short-run compared to the long-run? Is this consistent with what we learned about elasticity in this class? Explain.
Problem three: E-levy and elasticity of demand for electronic transaction
services
Consider the following facts about mobile money transactions. Currently, MTN and
AirtelTigo charge 1% on mobile money transactions up to a total charge of GHS 10
per transaction while Vodafone charges 0%. The E-levy which is currently being
discussed is intending to impose an additional 1.5% charge on most electronic
transactions.
c) What does your answer in part (b) imply about the likely amount the government can
realize about the E-levy? (Hint: calculations are not needed here. Just explain whether
the government will raise a lot of revenue or not much revenue).
Problem three: E-levy and elasticity of demand for electronic transaction
services
Consider the following facts about mobile money transactions. Currently, MTN and
AirtelTigo charge 1% on mobile money transactions up to a total charge of GHS 10
per transaction while Vodafone charges 0%. The E-levy which is currently being
discussed is intending to impose an additional 1.5% charge on most electronic
transactions.
a) In ordinary language, explain what it means to say the demand for mobile money
transactions is price elastic.
b) A deputy minister of finance has suggested that the introduction of the E-levy will
reduce mobile money transactions by 24%.1 Based on this and information in the
preamble to this question, is the demand for mobile price elastic or price inelastic? Does
your answer depend on which mobile network one is using?
The cost of sunflower increased .sunflower seeds are an input when sunflower is produced. How will it affect the market of sunflower
In order for price discrimination to work,three conditions must be fulfilled. Which of the following is not one of those conditions?
If the A bank experiences liquidity shortages, they can first borrow from …
a.
another commercial bank and then the reserve bank as lender of last resort.
a. another commercial bank and then the reserve bank as lender of last resort.
b.
the reserve bank since it is the only lender of last resort.
b. the reserve bank since it is the only lender of last resort.
c.
bank B and bank C as the lenders of last resort.
c. bank B and bank C as the lenders of last resort.
d.
bank C only as the lender of last resort.
