11. The following equation relates housing price (price) to the distance from a recently built garbage incinerator (dist):
log(^price) = 9.40+0.312log(dist)3
(a) Interpret the coefficient on log(dist). Is the sign of this estimate what you expect it to be?
(b) Do you think simple regression provides an unbiased estimator of the ceteris paribus elasticity of price with respect to dist?
(c) What other factors about a house affect its price? Might these be cor- related with distance from the incinerator?
In: Economics
3. Upper bike price is $4600, middle bikes price is 10,000. Describe which is the best value for you as a student and why. Identify the critical path on the FAST diagram.
4. Genichi Taguchi defined the taguchi loss Function: Explain what the Taguchi Loss Function means for both the consumer and Manufacturer
In: Mechanical Engineering
A product has a prime cost of £22,700. It takes 31 hours to make each unit. The overhead absorption rate is £20.00 per labour hour.
What should the selling price of the product be if the company’s policy is to make a profit of 25% on selling price?
Calculate and enter your answer to the nearest £.
In: Accounting
Cory’s Cakes is a local bakery. Price and cost information
follows:
|
Price per cake |
$ |
17.00 |
|
|
Variable cost per cake |
|||
|
Ingredients |
2.50 |
||
|
Direct labor |
1.40 |
||
|
Overhead (box, etc.) |
0.20 |
||
|
Fixed cost per month |
$ |
3,850.00 |
|
Required:
In: Accounting
Under a price matching guarantee, a seller offers to meet a lower price from another seller. Although the details of these offers may vary, price matches generally allow a buyer to show seller A the lower price in seller B's ad, and seller A provides the product to the buyer at the lower price. Also, some guarantees may allow buyers who previously purchased from seller A to claim a refund equal to the price difference if they find another seller with a price lower than they paid. Lets think about the concept of rivalry between two sellers that escalated into a price war. One of the firms ended the price war by declaring that they would match any price that is lower than their posted price. In some cases, groups of firms also offer to match lower prices if they are operating a cartel and collectively raise prices above the competitive level. In this case, customers who take advantage of the price matching guarantee let the cartel members know if someone in the group has cheated on the cartel agreement and is discounting prices below the agreed level. Sometimes, firms simply offer price matches as a way to keep up with competition and maintain market share.
Do you recall seeing particular products or companies that have made price-matching guarantees?
Have you ever taken advantage of a price-matching guarantee?
Which type of consumer is more willing to take advantage of price matches, elastic or inelastic buyers?
In: Economics
Categorize the following as price takers or price makers: perfectly competitive market, monopoly, monopolistic completion, and oligopoly. Explain.
In: Economics
What is the 4-year average annual return for the following stock?
| Price as of 1/1 | Price as of 12/31 | |
| 2016 | $10.00 | $11.00 |
| 2019 | $10.00 | $11.00 |
| 2020 | $12.00 | $15.00 |
| 2021 | $15.00 | $10.00 |
In: Finance
Q.16
a) The government is currently considering setting a maximum price (price ceiling) for basic goods to ensure that people can get access to these goods at this current time. Fully explain your answer and also use a single diagram to demonstrate the likely outcomes of this policy if the maximum price is set: 1. Below the current free market price 2. Above the current free market price 3. At the current free market price
b) The Australian government has implemented a number of microeconomic reforms over the past 40 years including deregulation of banking. Do you think banking deregulation has been beneficial or not? Explain your answer. Describe what you think may be the difficulties with microeconomic reform in Australia and highlight an area that you think currently requires microeconomic reform. Justify your answer.
In: Economics
The array price given below contains the price in dollars of a certain stock over 10 days. Use MATLAB to determine how many days the price was above $20.
price = [19, 18, 22, 21, 25, 19, 17, 21, 27, 29]
In: Mechanical Engineering
| Selling price per unit (package of 2 CDs)...................................... | $20.00 |
|---|---|
| Variable costs per unit: | |
| Direct material............................................................................................................... | $4.00 |
| Direct labor...................................................................................................................... | $5.00 |
| Artist's royalties.............................................................................................................. | $3.50 |
| Manufacturing overhead.......................................................................................... | $3.00 |
| Selling expenses............................................................................................................ | $1.00 |
| Total variable costs per unit............................................................ | $16.50 |
| Annual fixed costs: | |
| Manufacturing overhead.......................................................................................... | $180,000 |
| Selling and administrative....................................................................................... | $220,000 |
| Total fixed costs................................................................................ | $400,000 |
| Forecasted annual sales volume (120,000 units)......................... | $2,400,000 |
If the company's direct-labor costs do increase by 8%, what selling price per unit of product must it charge to maintain the same contribution margin ratio?
(Please indicate your result with one decimal place. Example: 40.5)
In: Accounting