Answer:
A judgement rating is an insurance rate that an underwriter assigns to a particular risk based on their subjective evaluation of that risk. Judgement ratings are frequently done on an individual basis and rely heavily on the experience, perception, and talent of the underwriter who makes the final evaluation.
Answer:
= (0.043 , 0.257)
Explanation:
p = 9/60 = 0.15
Z score for 98% confidence interval = Z0.01 = 2.33
The Confidence interval = (p + Z0.01 * sqrt(p * (1 - p) / n))
= (0.15 + 2.33 * sqrt(0.15 * (1 - 0.15) / 60))
= (0.15 + 0.107)
= (0.043 , 0.257)
Answer:
<em>Therefore the output level at which the firm's profit is maximized is = -100.it indicates a loss</em>
Explanation:
<em> Given that,</em>
<em> the firm's profit function,
</em>
<em> (q) = 40q - (110 +20q +10q^2)
</em>
<em>
The Profit is maximised by taking the first formula of the profit function with respect to. q and putting it equal to 0, (first order condition). This gives us,
</em>
<em>
dπ (q)/dq = 40 - 20 - 20q = 0
</em>
<em>
The variable cos of the firm's average is , AVC= 20 +10q. At q=1, AVC= 30.
</em>
<em>
Since AVC is less the price, then the firm will function in the short run.
</em>
<em>
(since TR= 40q and q=1, therefore p=40).
</em>
<em>
It gives q=1
</em>
<em>
At q=1, revenue = 40, total cost= 140, therefore maximum profit = -</em>
The maintained markup for the painting is $600
