Answer:
48.65%
Explanation:
Since the average time it takes car drivers to fill their tanks is exponentially distributed at 7.5 minutes, we can elaborate an exponential formula to calculate the number of times a gas tank can be filled in a certain period of time:
e⁻ˣ/ⁿ
- e = 2.718
- x = 5 minutes
- n = 7.5 minutes
= 2.718⁻⁵/⁷°⁵ = 0.5134
now, the probability that a driver can fill his/her tank in less than 5 minutes = 1 - 0.5134 = 0.4865 or 48.65%
Answer:
$31.25
Explanation:
40 hours a week x 4 weeks a month = 160 hours of work per month
$5,000 divided by 160 = $31.25
Answer:
The correct answer is A) top quality.
Explanation:
There are generally two sales approaches: the first, product-oriented. This takes into account its own characteristics in terms of presentation, quality and utility; and the second, people-oriented, where the real needs of the consumer are studied to determine how he uses the good in order to orient himself towards satisfying a need.
The example clearly shows that the orientation with minimum unit costs was mainly focused on the client, so that the first impression is that of a lower price to motivate their purchase decision. For his part, Orchard clearly shows a product orientation, because he tries to offer quality by sacrificing other variables to supply a need.
When managers delegate work, three transfers occur. the three transfers are responsibility, authority, and accountability
Answer:
Explanation:
a. Total surplus is the area bounded by points a, b, and c. To calculate total surplus, we use the following formula for the area of a triangle: Area = ½ × Base × Height. The area between the demand curve and the supply curve for the quantity ranging from 0 to 20 is the total economic surplus. This is a triangle with a base (best read off the price axis) of $80, which is the price difference at Q = 0, or between points a and c, and a height of 20 (the number of units purchased in equilibrium). Using these values, we have a total surplus of (1/2) × $80 × 20 = $800.
The consumer surplus is the area between the demand curve and the equilibrium price line. Here we have a base of $40 (the price difference between the demand schedule price at Q = 0, which is $85, and the equilibrium price of $45). The height of the triangle is once again 20 (the number of units purchased in equilibrium). Using these values, we have a consumer surplus of (1/2) × 40 × 20 = $400.
b. Deadweight loss is the difference in total surplus between an efficient level of output Q1 and a reduced level of output at Q2. We can calculate this as the area of a triangle bounded by points bde. The base of this triangle is the difference in prices at points d and e, or $55 – $35 = $20. The height of this triangle is given by the difference in the restricted level of output of Q2 = 15 and the efficient level of output Q1 = 20, or 5 units. Thus, the area of this triangle (the deadweight loss) is equal to (1/2) × $20 × 5 = $50. The remaining total surplus can be found by subtracting the deadweight loss from the original (efficient) total surplus. This is $800 (maximum total surplus) – $50 (deadweight loss) = $750.
c. The deadweight loss from overproduction is the difference in total surplus between an efficient level of output Q1 and an additional level of output at Q3. We can calculate this as the area of a triangle bounded by points bfg. The base of this triangle is the difference in prices at points f and g, or $59 – $31 = $28. The height of this triangle is given by the difference in the additional level of output Q3 = 27 and the efficient level of output Q1 = 20, or 7 units. Thus, the area of this triangle (the deadweight loss) is equal to (1/2) × $28 × 7 = $98. The remaining total surplus can be found by subtracting the deadweight loss from the original total surplus. This is $800 (maximum total surplus) – $98 (deadweight loss) = $702. Note here that we maximize total (producer + consumer) surplus by producing the equilibrium quantity, but we lose surplus from overproduction (inefficient use of resources).
