Answer: Zoe’s maximum willingness to pay for the insurance is $50
Explanation:
From the question, we are informed that Zoe, who is risk averse, bought flight cancellation insurance which will cover the cost of her non-refundable $500 airline ticket if she is unable to travel due to illness wnd also that Zoe faces a 10 percent probability of becoming ill and then using the insurance.
The expected value of the insurance will be the cost of the airline ticket multiplied by the probability of her becoming ill. This will be:
= $500 × 10%
= $500 × 0.1
= $50
Based on the calculation, it can be concluded that Zoe’s maximum willingness to pay for the insurance is $50.
An effective marketing mix, which is suitable for the services industry, is the seven P's.
<h3>What is a marketing mix?</h3>
A strategy of different mixes of external and internal factors used by a firm for the purpose of achieving its organizational goals, intended to increase the sales, is known as a marketing mix.
Hence, option B holds true regarding a marketing mix.
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I guess the correct answer is consultative
The local skydiving team is buying new parachutes. The team's coach has invited all team members to make recommendations, after which he will select the successful vendor. The skydiving team's buying center has a(n) consultative organizational culture.
In probabilistic sense random error are independent. Also, assumptions
for random error, epsilon are mean equal to 0, variance equal to sigma squared
and normal distribution. General form of probabilistic is
y=deterministic+random error where y is the variable of interest. We always
assume that the mean value of the random error equals 0. E(y) =mean of y, E(y)
=deterministic component.
Injurious consumption is negative in nature and not good at all for a person.
Utilizing resources to meet immediate needs and desires is known as consumption. It is contrasted with investing, which entails making purchases in order to acquire future revenue. Consumption is a key idea in economics and is also explored in a wide range of social sciences. Consumption is defined differently by various economic schools. Mainstream economists believe that only the final purchase of newly produced goods and services by individuals for immediate use qualifies as consumption; all other types of expenditure, including government spending, fixed investment, and intermediate consumption, are classified as separate categories (see Consumer choice). Many other economists define consumption as the whole of all economic activity that does not involve the creation, manufacturing, or selling of products and services.
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