Let
x = minutes used for jogging
y = minutes used for handball
z = minutes used for cycling
Th total time spent is 1 hour (60 minutes), therefore
x + y + z = 60
Because Mike jogs as long as he cycles, therefore
x = z
Therefore
2x + y = 60
or
y = 60 - 2x (1)
Jogging consumes 10 calories/min, handball consumes 9 calories/min and cycling consumes 12 calories/min.
The calories consumed in 60 minutes is 580, therefore
10 x + 9y + 12z = 580
Because x = z,
22x + 9y = 580 (2)
Substitute (1) into (2).
22x + 9(60 - 2x) = 580
22x + 540 - 18x = 580
4x = 40
x = 10
y = 60 - 2x = 40
z = x = 10
Answer:
10 minutes of jogging
40 minutes of handball
10 minutes of cycling.
Answer:
Option (c) is correct.
Explanation:
A good is rival in consumption when the consumption by one individual reduced the availability or satisfaction level to the next person and a good is not rival when the consumption of good by one individual doesn't reduce the utility obtained from the good for other individuals.
A good is excludable when a particular person is restricted from the consumption of good and a good is non excludable when one person cannot exclude others from consuming it.
There are certain examples of common resource such as:
(i) Clean water in river
(ii) Air
(iii) a fish in the ocean
All the above goods are rival in consumption and non-excludable.
Let's talk about clean water, if a person take some water from the ocean then the water available for the other persons is reduced and one person cannot exclude other person from consuming it.
Answer:
$34
Explanation:
The minimum price to accept for the special order is the one that takes into consideration the cost of buying imprinting machine at the cost of $60,000.
The minimum price would contain variable cost of $10,fixed production cost of $18 ,$0 variable selling cost but includes $6 per unit of the imprinting machine cost i.e $60,000/10,000
The cost sums to be $34 i.e $10+$18+$0+$6.
The fixed cost per unit would also have been excluded if it was confirmed that the company has idle capacity
Answer:
Number of full factorial experiments needed as per classical statistics is 5
Explanation:
We can use the following method to solve the given problem
Number of experiments needed as per Taguchi's principles:
No. of factors, F= 5
No. of levels, L = 2
No. of experiments, E = 1 + F*(L-1)
= 1 + 5*(2-1) = 1 + 5*1 = 6
Number of full factorial experiments needed as per classical statistics:
E = L^F
= 2^5
= 32
Answer:
(i) Q=300
(ii) Elasticity of Demand=-3.33 (elastic)
(iii) Income Elasticity= 2.5 (normal good)
(iv) Advertising Elasticity: 1.5
Explanation:
The Demand function is given by
(1) To solve (i) we need to replace P = 200, I = 150, and A = 30 in the demand equation:
(2) To find the price elasticity (how much quantity demanded changes with price) we use the point price elasticity formula
From the above equation we get: 
Replacing in the elasticity formula
in absolute terms the elasticity is bigger than one so it is an elastic demand.
(3) For income elasticity (how much quantity demanded changes with income), we proceed similarly as above. But the derivative is respect to income
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Which is bigger than one, denoting this is a normal good because it's bigger than one.
(4) Advertising elasticity (how much quantity demanded changes with expenditures in advertising), we proceed as before
