Questions
From a psychological point of view why are, American urban school students failing, what needs to...
From a psychological point of view why are, American urban school students failing, what needs to be done by both teachers and parents to make urban students progress academically?
In: Psychology
Careforall, The mayor of sickcity, claimed that his residents are very elastic and highly sensitive when...
Careforall, The mayor of sickcity, claimed that his residents are very elastic and highly sensitive when the price of preventative care changes but not so sensitive when the price of inpatient care changes. To prove her point she referred back to the RAND studies. She claimed that the results of a replicated study in her town are shown below
Plan Average # of preventative care visits Average # of inpatient visits
Free 3.2 0.126
25% 2.54 0.122
50% 2.10 0.118
Find the price elasticity of demand for preventative care in Sickcity. round to 3 digits after the decimal
In: Economics
a. What will happen to the price buyers pay per gallon, the price sellers receive per gallon, and the number of gallons consumed each day?
Suppose the demand for and supply of ethanol in a small town are as follow:
Qd = 9,000 - 1,000P
Qs = 2,000P - 3,000
● Where Q measures gallons per day and P represents price per
gallon. The current equilibrium price $4, and the current
equilibrium quantity is 5,000 gallons per day.
● Now suppose that the government wants to create a subsidy of
$0.375 per gallon to encourage the use of ethanol.
a. What will happen to the price buyers pay per gallon, the price
sellers receive per gallon, and the number of gallons consumed each
day?
b. How much will this subsidy cost the government?
In: Economics
Fire Fighters A house in Pana, Illinois was found to be so infested with cockroaches, that...
Fire Fighters A house in Pana, Illinois was found to be so infested with cockroaches, that city council ordered fire fighters to burn it down rather than call in professional exterminators to deal with the problem. The town has three fire engines operating independently. The probability that a specific fire engine is available when needed is 0.96.
(a) What is the probability that none are available when needed?
(b) What is the probability that all three fire engine are available when needed?
(c) What is the probability that at least one engine is available?
(d) What is the probability that at least one engine is available?
In: Statistics and Probability
Suppose that a city in your state is trying to attract a sports tournament, which would...
Suppose that a city in your state is trying to attract a sports tournament, which would entail spending a significant amount of money on marketing of the event and other costs that have no intrinsic value to residents of the city. The city leaders argue that hosting the sports tournament will increase commerce activity around the city because of the visitors who will be in town for the tournament. Consequently, they are lobbying you as the state governor to give them grants, which they say (credibly) is the only way they can afford to host the tournament. For your decision, should it matter whether it is a tournament between in-state teams or national teams? Explain.
In: Economics
A researcher was interested in the difference in preference in a required brew across three different...
A researcher was interested in the difference in preference in a required brew across three different bars in their town. The researcher was able to gather the preferences for five people from each of the bars. The data collected is below.
|
Cooler |
Coors |
Keystone |
|
71 |
68 |
82 |
|
69 |
48 |
91 |
|
86 |
56 |
88 |
|
88 |
50 |
95 |
|
52 |
83 |
72 |
Conduct the test to let the researcher know whether the brews are statistically significantly different across the bars.
Your answer must include:
a. Your hypotheses
b. Your test statistic
c. Your p-value
d. Your conclusion
In: Statistics and Probability
1. Can a neighbor make important healthcare decisions for a patient? Explain the process with support of your reading material
1. Can a neighbor make important healthcare decisions for a patient? Explain the process with support of your reading material
2. Discuss one type of defense against a specific liability that may be brought against a nurse. Explain with support of your reading material.
3. A young Lady work at South Town Hospital. While caring for a patient, she discovered that nurse H has caused significant injury to a patient. Discus the case where H is or is not covered under the hospital group insurance policy. (Only discus one: is covered or is not covered.). Explain with support of your reading material.
In: Nursing
1. Can a neighbor make important healthcare decisions for a patient? Explain the process with support...
In: Nursing
Determining opportunity cost
Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores carry the same suit, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $112 for the suit:
|
Store |
Travel Time Each Way |
Price of a Suit |
|---|---|---|
|
(Minutes) |
(Dollars per suit) |
|
| Local Department Store | 15 | 112 |
| Across Town | 30 | 89 |
| Neighboring City | 60 | 70 |
Juanita makes $26 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $26 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.
Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location.
|
Store |
Opportunity Cost of Time |
Price of a Suit |
Total Cost |
|---|---|---|---|
|
(Dollars) |
(Dollars per suit) |
(Dollars) |
|
| Local Department Store | 112 | ||
| Across Town | 89 | ||
| Neighboring City | 70 |
Assume that Juanita takes opportunity costs and the price of the suit into consideration when she shops. Juanita will minimize the cost of the suit if she buys it from the _______ .
In: Economics
Juanita is deciding whether to buy a dress that she wants, as well as where to buy it.
Juanita is deciding whether to buy a dress that she wants, as well as where to buy it. Three stores carry the same dress, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $103 for the dress:
Store | Travel Time Each Way | Price of a Dress |
|---|---|---|
(Minutes) | (Dollars per dress) | |
| Local Department Store | 15 | 103 |
| Across Town | 30 | 89 |
| Neighboring City | 60 | 63 |
Juanita makes $16 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $16 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.
Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location.
Store | Opportunity Cost of Time | Price of a Dress | Total Cost |
|---|---|---|---|
(Dollars) | (Dollars per dress) | (Dollars) | |
| Local Department Store | |||
| Across Town | |||
| Neighboring City |
Assume that Juanita takes opportunity costs and the price of the dress into consideration when she shops. Juanita will minimize the cost of the dress if she buys it from the store in the _______ .
In: Economics