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deff fn [24]
2 years ago
5

In an auction, potential buyers compete for a good by submitting bids. Adam Galinsky, a social psychologist at Northwestern Univ

ersity, compared eBay auctions in which the same good was sold. He found that, on average, the higher the number of bidders, the higher the sales price. For example, in two auctions of identical iPads, the one with the higher number of bidders brought a higher selling price. According to Galinsky, this explains why smart sellers on eBay set absurdly low opening prices (the lowest price that the seller will accept), such as 1 cent for a new iPad. Use the concepts of consumer and producer surplus to explain Galinsky’s reasoning.
Business
1 answer:
patriot [66]2 years ago
4 0

Answer:

Since the opening price is set so low, potential buyers will think that their total  consumer surplus is very large. For example a consumer may be willing to pay $40 for an iPod but since the price is $1 his total consumer surplus is $39, so he will tempted to offer higher bids which eventually lead to a higher final price.

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Suppose that the Dallas School District wants to achieve Six Sigma quality levels of performance in delivering students to schoo
Kay [80]

Answer:

a) 1.66 minutes

b) 3.4 out of million deliveries

Explanation:

So, it is a six sigma quality question, we first need to understand little bit about six sigma and how it is to achieve six sigma level.

<u>Six Sigma:</u>

It is the process or technique used by many organizations through out the world to achieve maximum quality in a product or in a service they are providing. It helps to indicate root causes of the process or you can say waste steps which first need to be identified then rectified to bring that top-notch quality in the system. So in this case, in order to calculate part a) we will calculate six sigma control limits.

a) So, for six sigma control limits, the maximum allowable standard deviation is 12 or you can say +6 + (-6) = ±6 = 12. It means all deviations must lie in all 12 standard deviations.

<em>Please refer to the table shown in the attachment.</em> This bell curve represent six sigma concept. In this <em>3 sigma quality level means all deviations must lie in 6 standard deviations.</em>

So, here we have been given that mean = 20, so with mean we can calculate standard deviation in six sigma control limits.

Maximum Allowable Standard Deviation for 6 sigma = Mean/12

                                                                                        = 20/12

                                                                                       = 1.66

So, 1.66 is the maximum allowable standard deviation of arrival times required in order to achieve 6 sigma quality level.

b) In this part, we are asked that, out of million deliveries about how many times bus deliver students too early or too late at this 6 sigma quality level.

<em>For this answer, please refer to attachment again</em>. and notice at the left bottom with the arrow of 6 sigma, we have a number 3.4 ppm means 3.4 part per million.

<em>So, it 3.4 times in a million deliveries bus will deliver students either too early or too late. </em>

8 0
3 years ago
Which of the following is an attribute of a fulfilling career?
Svetllana [295]
A exotic dancer on the pole
6 0
3 years ago
According to your text, sales promotions such as free samples and point-of-purchase displays are designed to build.
sukhopar [10]

According to your text, sales promotions such as free smples and point-of-purchase displays are designed to build. are called "Short-Term sales."

<h3>What is short term sales?</h3>

An property or stock that the seller doesn't own is sold in a short sale. The typical transaction involves an investor selling borrowed securities in expectation of a decrease in price; the seller is then obligated to deliver the same number of shares at a later date. A seller, on the other hand, holds a long position in the stock or asset.

Some characteristics of short term sales are-

  • A stock that its an investor believes will lose value in the near future is sold short.
  • A trader borrows shares on margin for a set length of time to complete a short sale, selling the stock when the price is attained or the period of time has passed.
  • Because short sells restrict gains while amplifying losses, they are regarded as dangerous trading techniques. Additionally, they come with regulatory hazards.
  • To be successful, short sales need to be timed almost perfectly.

To know more about short-term investment, here

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5 0
1 year ago
The LIFO inventory method assumes that the cost of the latest units purchased are:
Scilla [17]

Answer:

The correct answer is C.

Explanation:

Giving the following information:

The LIFO inventory method assumes that the cost of the latest units purchased are:

<u>Under the Last-in, First-out method the first units on inventory are the ones left to ending inventory. On the contrary, the last units are the first ones to go to the cost of goods sold. </u>

a. the last to be allocated to the cost of goods sold. False, this is under the FIFO method.

b. the first to be allocated to ending inventory. False, this is under the FIFO method.

c. the first to be allocated to the cost of goods sold. True.

d. not allocated to cost of goods sold or ending inventory. False, they are allocated to cost of goods sold.

4 0
3 years ago
An airport wants to make its luggage-handling process faster and simpler for travelers. A data analyst examines and evaluates ho
Anastasy [175]

To make the baggage handling process faster and simpler for travelers, a data analyst uses a gap analysis.

<h3 /><h3>What is a  gap analysis?</h3>

Corresponds to a performance evaluation technique, where a professional is responsible for evaluating the way processes are being carried out in an organization, to determine their efficiency, developing an analysis of needs to increase quality.

Therefore, a gap analysis aims at the continuous improvement of processes through environmental assessment, in order to achieve total quality.

Find out more about gap analysis here:

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4 0
1 year ago
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