Statistics for Business and Economics
8th Edition
ISBN: 9780132745659
Author: Paul Newbold, William Carlson, Betty Thorne
Publisher: PEARSON
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Textbook Question
Chapter 2.4, Problem 39E
Acme Delivery offers three different shipping rates for packages fewer than 5 pounds delivered from Maine to the West Coast: regular, $3; fast, $5; and lightning, $10. To test the quality of these services, a major mailorder retailer shipped 15 packages at randomly selected times from Maine to Tacoma, Washington. The packages were shipped in groups of three by the three services at the same time to reduce variation resulting from the shipping day. The following data show the shipping cost, X, and the number of days, Y, in (x, y) pairs:
(3, 7) (5, 5) (10, 2) (3, 9) (5, 6) (10, 5) (3, 6) (5, 6)
(10, 1) (3, 10) (5, 7) (10, 4) (3, 5) (5, 6) (10, 4)
- a. Describe the data numerically (covariance and correlation).
- b. Discuss the value of the higher-priced services in terms of quicker delivery.
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R(p) = pN(p).|
Bob is currently selling tires for 60 dollars each. His weekly sales are running at 130 tires per week, so
N(60) = 130.
His marketing department estimates that he will lose 2 sales per week for each 10 dollar increase in unit price, so
N'(60) = -0.2.
Estimate Bob's increase in weekly revenue for each one dollar increase in tire price.
Revenue increase =1
dollars
A large company in the communication and publishing industry hs quantified the relationship between the price of one of its products and the demand for this product as Price = 160 -0.01 xDemand for an annual printing of this
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expected to be more than 7,000 units per year.
The maximum profit that can be achieved is S. (Round to the nearest dolar.)
The unit price at the point of optimal demand is S per unit (Round to the nearest cent)
I would advise the CEO to first consider the appeal of their products. Why do people like them? What do they like about them? Are these tastes similar in other countries? I would want my CEO to perform an extensive market analysis, and alter the products for a competing market if need be. In this way, the company can avoid some of the common pitfalls for exporting their products.
If further help is needed, I would advise the company to consult with an export management company. Export management companies are export specialists that acts as an export marketing department for client firms. They are able to "provide comprehensive exporting services, including export documentation, logistics, and transportation."
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please help reply to this dicussion…
Chapter 2 Solutions
Statistics for Business and Economics
Ch. 2.1 - Prob. 1ECh. 2.1 - Prob. 2ECh. 2.1 - Prob. 3ECh. 2.1 - Prob. 4ECh. 2.1 - Prob. 5ECh. 2.1 - Prob. 6ECh. 2.1 - Prob. 7ECh. 2.1 - Prob. 8ECh. 2.1 - A random sample of 156 grade point averages for...Ch. 2.1 - Prob. 10E
Ch. 2.2 - Prob. 12ECh. 2.2 - Prob. 13ECh. 2.2 - Prob. 14ECh. 2.2 - Prob. 15ECh. 2.2 - Prob. 16ECh. 2.2 - Prob. 17ECh. 2.2 - Prob. 18ECh. 2.2 - Prob. 19ECh. 2.2 - Prob. 20ECh. 2.2 - Prob. 21ECh. 2.2 - Prob. 22ECh. 2.2 - Prob. 23ECh. 2.2 - Prob. 24ECh. 2.3 - Prob. 26ECh. 2.3 - Prob. 27ECh. 2.3 - Prob. 28ECh. 2.3 - Prob. 29ECh. 2.3 - Prob. 30ECh. 2.3 - Prob. 31ECh. 2.3 - Prob. 32ECh. 2.3 - Prob. 33ECh. 2.3 - Prob. 34ECh. 2.4 - Prob. 35ECh. 2.4 - Prob. 36ECh. 2.4 - Prob. 37ECh. 2.4 - Prob. 38ECh. 2.4 - Acme Delivery offers three different shipping...Ch. 2.4 - Prob. 40ECh. 2.4 - Prob. 42ECh. 2.4 - Prob. 43ECh. 2 - Prob. 44ECh. 2 - Prob. 46ECh. 2 - Prob. 47ECh. 2 - Prob. 49ECh. 2 - Prob. 50ECh. 2 - Prob. 51ECh. 2 - Prob. 52ECh. 2 - Prob. 55ECh. 2 - Prob. 56E
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