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At a price of $200, a cell phone company manufactures 200000 phones. At a price of...
Elasticity: Homework 01/21/19 81% sc 1st attempt See Hi At a price of $250, a cell phone company manufactures 150000 phones. At a price of $350, the company produces 350000 phones What is the price elasticity of supply? (Round your answer to two decimal places.) 1719> 15 OF 19 COMPLETED MacBook Pro
Cell Phone Lifetimes A recent study of the lifetimes of cell phones found the average is 24.3 months. The standard deviation is 2.6 months. If a company provides its 32 employees with a cell phone, find the probability that the mean lifetime of these phones will be less than 23.7 months. Assume cell phone life is a normally distributed variable, the sample is taken from a large population and the correction factor can be ignored. Round the final answer to...
A company manufactures two types of cell phones, a basic model and a pro model. The basic model generates a profit of $100 per phone and the pro model has a profit of $150 per phone. On the assembly line the basic phone requires 7 hours, while the pro model takes 11 hours. The basic phone requires 1 hour and the pro phone needs 3 hours for finishing, which includes loading software. Both phones require 1 hour for testing. On...
Figure 1: Markel IUT CE PHONES Price (dollars per cell phone) 50 • 100 150 200 Quantity (cell phones per month) a) Efficient and the total surplus equals $2250 b) Inefficient and the consumer surplus equals 51500
1. In the market for cell phones, draw a demand and supply diagram for each part and show if demand or supply is affected and how the equilibrium price and quantity will change. a) mobile video games become more popular b) costs of making cell phone drop significantly c) cell phone manufacturers are affected by a special government tax d) cell phone service plans become more expensive 2. When the price of a doll is $30, the manufacturer produces 15,000...
A company that produces cell phones claims its standard phone battery lasts longer on average than other batteries in the market. To support this claim, the company publishes an ad reporting the results of a recent experiment showing that under normal usage, their batteries last at least 34 hours. To investigate this claim, a consumer advocacy group asked the company for the raw data, which are shown to the right. Find a 90% confidence interval and state your conclusion. Explain...
The Phone Company has the following costs of producing and selling a cell phone assuming it produces and sells the normal volume of 100,000 of these cell phones per month: Per unit manufacturing cost Direct materials $50.00 Direct labor 10.00 Variable manufacturing overhead cost 40.00 Fixed manufacturing overhead cost 30.00 Per unit selling cost Variable 15.00 Fixed 10.00 Note that 100,000 (normal volume of production and sales) is...
4. Velocity and the quantity equation Consider a simple economy that produces only cell phones. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2018, the money supply was $200, the price of a cell phone was $7.50, and the economy produced 400 cell phones. Fill in the missing values in the following table, selecting the answers closest to the values you calculate. Year Quantity of Money (Dollars) 200...
Phone Company The Phone Company has the following costs of producing and selling a cell phone assuming it produces and sells the normal volume of 100,000 of these cell phones per month: Per unit manufacturing cost Direct materials $50.00 Direct labor 10.00 Variable manufacturing overhead cost 40.00 Fixed manufacturing overhead cost 30.00 Per unit selling cost Variable 15.00 Fixed 10.00 Note that 100,000 (normal volume of production and...
It is reported that 41% of American households use a cell phone exclusively for their telephone service. In a sample of eight households, It is reported that 41% of American households use a cell phone exclusively for their telephone service. In a sample of eight households, Find the probability that no household uses a cell phone as their exclusive telephone service. (Round your answer to 4 decimal places.) Find the probability that exactly five households exclusively use a cell phone...