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notsponge [240]
3 years ago
5

A study by the National Park Service revealed that 50 percent of vacationers going to the Rocky Mountain region visit Yellowston

e Park, 40 percent visit the Tetons, and 35 percent visit both. a. What is the probability a vacationer will visit at least one of these attractions? b. What is the probability 35 called? c. Are the events mutually exclusive? Explain.
Business
1 answer:
marysya [2.9K]3 years ago
8 0

Answer:

a) 55%

b) Joint Probability

c) They are not mutually exclusive

Explanation:

Part 1 of the Question

First, we determine the formula for calculating the probabilities of Yellowstone Park and the Tetons as follows

Probability of Yellow Stone = <em>p(</em>Yellowstone)= 0.5 or 50%

Probability of Tetons = <em>p(</em>Tetons)= 0.4 or 40%

Probability of Both = <em>p(</em>Both)= 0.35 or 35%

Therefore, the probability of visiting at least one by a vacationer is as follows:

p(At least One) =  <em>p(</em>Yellowstone or Tetons)

=  <em>p(</em>Yellowstone) + <em>p(</em>Tetons) - <em>p(</em>Both)

= 50%+40%-35%

= 0.5+0.4-0.35

= 0.55 or 55%

Part 2 of the Question

First the probability of 35% represents the possibility of a vacationer visiting the two locations, hence, it can be called the percentage of intersection between Tetons and Yellowstone. It is also referred to as joint probability

Part 3 of the Question

Once event are mutually exclusive, it means they cannot be carried out or considered together. In other words, one becomes an alternate cost for the other. This means going to Yellowstone means the vacationer cannot go to Tetons and vice versa. In this situation, the joint probability will not be possible (0%). Since, we already know that there is a joint probability of 35%, it means <u>the events are not mutually excusive</u>

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Answer:

The sales mix is 1:2.

                           Model 101          Model 102

Selling Price                       21             56

Variable Cost              -14            -35

Contribution Per Unit       7               21

Multiply Sales Mix Ratio       1               2

Weighted Contribution       7                      42

Now add the weighted Contribution to compute Contribution margin per composite unit which is 7+42=$49

Explanation:

I assumed that the cost and selling price here for Model 101 is $14 and $21 respectively. Similarly the cost and selling price of Model 102 is $35 and $56 respectively.

Remember that Contribution margin per composite unit means that we will earn 49 dollars(combined contribution of sales mix) if we sell the sale mix of Model 101 and 102 which is 1:2.

6 0
3 years ago
Janet Foster bought a computer and printer at Computerland. The printer had a $900 list price with a $100 trade discount and 2/1
nikdorinn [45]

Answer:

Janet Foster

a. Janet could save $12.44 on the printer by borrowing $800 to take advantage of the cash discount.

b. On the computer, the difference in the final payment between choices 1 and 2 is $197.

It is advisable for Janet to choose the first option.

Explanation:

a) Data and Calculations:

Printer:

List price of printer = $900

Trade discount =          100

Purchase cost =        $800

Cash discount terms = 2/10, n/30

Cash discount = $16 ($800 * 2%)

Interest on loan to purchase printer = $3.56 ($800 * 8% * 20/360)

Savings if loan is borrowed = $12.44 ($16 - $3.56)

Computer:

List price = $4,060

Trade discount = 25% or $1,015 ($4,060 * 25%)

Purchase cost = $3,045

Payment options:

1) = $160 * 17 months = $2,720

Balance on 18th month    325

Total payment =           $3,045

2) = Payment with 8% interest for 18 months equal payment = $180.08

From an online financial calculator:

N (# of periods)  18

I/Y (Interest per year)  8

PV (Present Value)   $3,045

FV (Future Value)  0

P/Y (# of periods per year)  12

C/Y (# of times interest compound per year)  12

PMT made at the end of each period

Results

PMT = $180.08

Sum of all periodic payments $3,241.48

Total Interest $196.48

Difference in final payment:

Choice 1 , total payment =    $3,045

Choice 2, total payment =    $3,242

Difference in final payment = $197

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Answer:False

Explanation:

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Answer:

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Explanation:

Data provided in the question:

Date of closing of sales transaction = April 15

Expected tax for the year = $2,110

Number of days in an year = 365

Now,

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= $2,110 ÷ 365

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Time period from January 1 to April 15 in days = 105 days

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= Per day tax × Time period from January 1 to April 15 in days

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= $606.98 ≈ $607

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