B: "Fewer options that require choices" is a result of having scarce economic resources for the production of goods and services.
Scarcity of economic resources means that there is a limited amount of resources available to produce goods and services. As a result, individuals and organizations must make choices about how to allocate these resources. This leads to fewer options for production and requires decisions about which goods and services to produce and which ones to forego. The choices made in the allocation of resources can have significant impacts on the economy, including distribution of wealth and prices. Scarcity creates the need for individuals and organizations to prioritize their wants and needs based on the availability of resources.
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Which part of the business plan identifies plans for pricing policies?
Pilihan jawaban
a. Self-analysis
b. Trading area analysis
c. Proposed marketing plan
d. Product description
The section of the company plan known as the proposed marketing plan details proposals for pricing policies.
What are the five components of a business plan?Business strategies fundamentally consist on these 5 bits of data. They consist of an overview of your company, a study of your industry's competition, a marketing strategy, a section on human resources (people requirements), and important financial data.
Where in the business plan does the price structure appear?The marketing portion of your business plan is where your pricing approach should be best articulated. You should explain the price you will charge customers for your good or service in this area, along with your justification.
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If the economy is currently producing 10 units of good A and 90 units of good B, the opportunity cost of increasing the production of good A from 10 to 20 units is how many units of good B?
answer choices
a. .05
b. 1
c. 5
d. 10
e. 20
d. 10. Increasing manufacturing of good From a ten to twenty unit will cost 10 per unit of good B.
How can you determine whether opportunity cost is rising?Different opportunity costs are represented by different-shaped curves.The straight line curve indicates a constant opportunity cost, the bowed outward (concave) curve a growing potential cost, and the bowed in (convex) curve a decreasing opportunity cost.
What would rising opportunity costs imply?According to the law of growing opportunity costs, the cost of producing a second good will rise as you create more of the first.
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what three company resources are managers responsible for to increase performance and, as a result, the company's stoc
Managers are in charge of maximizing performance and, as a result, the value of the company's stock through the use of finance, capital, and human resources.
According to the conventional definition, a manager is only one who is responsible for supervising people's activities. Simply put, managers supervise others' efforts to accomplish goals. In the modern workforce, managers may be in control of particular systems or tasks that don't require human interaction. The manager's main responsibility is to organize the work of every employee in the company and provide the best outcomes possible to guarantee the company's expansion. In order to achieve the best results from the staff, managers have a variety of duties and responsibilities. Final Verdict. The ability to plan a business, make decisions, solve problems, communicate effectively, delegate, and manage time are all examples of management talents.
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during 2019, sigma company earned service revenue amounting to $700,000, or which $630,000 was collected in cash; the balance will be collected in january, 2020. also in 2019, there were collections of cash prior to the delivery of goods/services totaling $10,000. what amount should the 2019 income statement report for service revenue? group of answer choices $700,000.00 $630,000.00 $570,000.00 $70,000.00
$630,000.00. The income statement should report the service income as the amount received in cash in 2019, which is $630,000. The remaining $70,000 will be raised in 2020 and is not expected to be included in the 2019 income statement.
What is a income statement?
The income statement, also known as the income statement, is a financial document used to track a company's income and expenses over a period of time. It is used to measure a company's financial performance and provides investors and analysts with insight into operations. The income statement is one of the three main financial statements that a company uses to report its financial performance. The other two financial statements are the balance sheet and cash flow statement . The income statement summarizes a company's income, expenses, profits and losses over a period of time, usually quarterly or annually. The income statement helps users understand a company's financial performance over a period of time and provides insight into the company's ability to generate profits.
The $10,000 collected prior to delivery of goods/services should not be counted as service revenue.
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an economic institution that facilitates interaction between buyers and sellers is called . a market exists when . a market will
An economic institution that facilitates interaction between buyers and sellers is called a market.
A market exists when there is a group of buyers and a group of sellers who interact with each other to exchange goods, services, or financial instruments. A market will function effectively when there is sufficient information available to buyers and sellers, and when there are no significant barriers to entry or exit for either group. A market can be physical, such as a farmers market, or virtual, such as an online marketplace. The functioning of markets helps to determine the prices of goods and services and allocate resources efficiently.
"
Correct question is as follws:
An economic institution that facilitates interaction between buyers and sellers is called __________.
"
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If these are the only two consumers in the market, then the market quantity demanded at a price of $15 is Select one: a. I5 units. b. 10 units. C. 0 units. d.25 units
The demand line for "Consumer 1" crosses the y-axis at 10 if we look at the graph. Accordingly, if the price is set at $15, customer number one won't purchase any thing at all.
If these two consumers are the only ones in the market, what is the market amount required at a price of $6?
12 units. (correct. Each demand adds up to the market quantity that is desired. Two consumers will each demand a total of 12 units at a price of $6, or 2 + 10 = 12. The two main market forces we'll be examining are supply and demand. A consumer is an individual or group who wants to order or utilize acquired goods, services, or products primarily to meet personal, social, familial, domestic, and similar requirements that are unrelated to business or commerce.
The phrase is most frequently used to describe someone who makes purchases for their own use.
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to monitor reimbursement and coding patterns by providers, what do payers conduct? a. prepayment reviews, post-payment reviews, and audits b. unidentified patient visits c. daily review of each claim against the medical records d. random refund requests
Prepayment reviews, post payment reviews, and audits payers conduct. A postpaid connection is one that you pay for after using your phone's services, as opposed to a prepaid connection that you pay for upfront. Before a claim has been paid, a reviewer decides whether to pay it.
There is usually a "initial determination" after prepayment evaluation. After a claim has been compensated, a reviewer makes a determination about it. Pre payment audit refers to the examination of transportation records prior to payment in order to assess their legality, propriety pay, and rate compliance with tariffs, quotes, agreements, contracts, or tenders. They fall into two categories: full prepaid and partial prepayments. A total prepayment entails paying down an obligation's entire balance before it is officially due.
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which of the following statements is (are) true concerning private insurance? i.social insurance programs are always written by private insurers. ii.individuals and businesses purchase private insurance.
II- "Individuals and businesses purchase private insurance" is true.
Private insurance refers to insurance coverage that is purchased by individuals or businesses directly from insurance companies, as opposed to being provided by the government through a social insurance program. Private insurance is typically purchased to protect against financial losses from specific events such as illnesses, accidents, or property damage. Individuals and businesses can choose from a wide range of private insurance options, including health insurance, life insurance, and property and casualty insurance, to meet their specific needs.
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on november 1, year 1, a company purchased a new machine that it does not have to pay for until november 1, year 3. the total payment on november 1, year 3, will include both principal and interest. assuming interest at a 10% rate, the cost of the machine would be the total payment multiplied by what time value of money concept?
The entry in the journal for November 1 would be:on november 1, year 1, a company purchased a new machine. The correct answer is C. Credit to Note Payable $106,000.
• A $6,000 debit to interest expense
• $100,000 in Debit to Cash
$106,000 Credit to Note Payable
In general, the journal entry that needs to be made to record accounts receivable for long-term construction projects can be defined as debiting accounts receivable and crediting billings on construction contracts.
A "billings in excess of costs" or liability account is used for this journal entry. First, we calculate the interest due. The interest due equals 6% times $100,000. Interest due is equal to 0.06 times $100,000. The amount of interest due is $6,000
We can create a journal from that, which is seen below:
Cash to Debit = $100,000 Note Payable Credit = $100,000 plus $6,000 $106,000 Credit to Note Payable
Complete question:
On november 1, year 1, a company purchased a new machine that it does not have to pay for until november 1, year 3. the total payment on november 1, year 3, will include both principal and interest. assuming interest at a 10% rate, the cost of the machine would be the total payment multiplied by what time value of money concept?
A. Debit to Interest Expense $6,000
B. Debit to Cash $100,000
C. Credit to Note Payable $106,000
D. Credit to Note Payable $100,000
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when a customer purchases an item on credit, the purchase amount is recorded by the seller in which one of these accounts?
When a customer purchases an item on credit, the purchase amount is recorded by the seller in ''accounts payable''.
The accounts payable is the money in which the business owned from its supplier which shown as the liability on the company's balance sheet. The main duty of the accounts payable department has the responsibility for the financial, administrative and the clerical support of the company or the organization.
The basic of the accounts payable is the total amount is owed by the company to the suppliers and the vendors for the products and services which is purchased.
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joaquin is worried about his company locating a manufacturing facility in indonesia because of the unstable government which could devastate their business. which type of risk is affecting joaquin's decision? multiple choice question. social economic political legal
First option is correct. Joaquin is concerned that his company may find a manufacturing facility in Indonesia because of an unstable government that could destroy his business influence decisions.
It can be more expensive to do business in countries where local laws and regulations set strict standards for product safety.
Examples of legitimate activity in the informal economy are undeclared labor or barter income. Illegal activities include drug trafficking, trading in stolen goods, smuggling, illegal gambling, and fraud. With little government intervention in a market economy, individual ownership can dictate all business decisions regarding the operation of a business. This type of economy leads to increased efficiency, productivity and innovation.
He has four types of economy. Traditional, command economy, free market, and mixed (combination of market economy and command economy).
A market economy, also called a free market economy or free enterprise economy, is a system in which economic decisions, such as those related to the price of goods and services, are determined by supply and demand. A command economy, on the other hand, uses central planning by a central authority to make all economic decisions.
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to foster innovation in the business environment, it is important that strong legal protection of property rights is in place. inadequately enforced property rights can lead to an increase in the multiple choice question. rate of economic growth. levels of foreign direct investment. risk of expropriation of profits. incentives for entrepreneurial activities.
Inadequately enforced property rights can cause an increase in the D: incentives for entrepreneurial activities.
Having strong legal protection of property rights is essential for fostering innovation in the business environment. Adequate enforcement of property rights ensures that individuals and businesses can securely own and control their ideas, inventions, and other intellectual property. This creates incentives for entrepreneurial activities and innovation because individuals and businesses can protect and profit from their ideas.
Without proper protection of property rights, the risk of expropriation of profits increases, which can discourage innovation and entrepreneurship. A stable and secure environment for protecting property rights can attract foreign investment and contribute to economic growth. It is therefore important for governments to ensure that property rights are adequately enforced and protected.
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what are two characteristics of mixed economies? multiple select question. they have no private ownership of business, only businesses owned by the state. they exist when the distribution of resources involves elements from more than one economic system. they contain elements of more than one system. they are slowly disappearing, since they are unsuccessful. need help? review these concept resources.
The two characteristics of mixed economies are:
B. they exist when the distribution of resources involves elements from more than one economic systemC. they contain elements of more than one systemWhat are the characteristics of mixed economyThey contain elements of more than one system: A mixed economy is a type of economic system that combines elements of both a market economy and a planned economy. In a mixed economy, there is a combination of private enterprise, market forces, and government intervention.
They exist when the distribution of resources involves elements from more than one economic system: Mixed economies are characterized by the presence of both private and public ownership of the means of production, as well as a mix of market forces and government intervention in the allocation of resources. In this type of system, the state plays a role in directing the economy through regulation, taxation, and other policies, while market forces determine the prices and production of goods and services.
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if the death benefit of a life insurance policy is $500,000 but it earns 10% interest for one year before being paid out, the taxpayer will owe taxes on what amount?
The beneficiary will be responsible for paying taxes on the $50,000 increase, for instance, if the death benefit is $500,000 and it earns 10% interest for a year before being paid out.
What are Life Insurance Benefits Taxable?Interest income is usually always subject to taxation at some time.
The same applies to life insurance.
This implies that the beneficiary must pay taxes on the interest rather than the total benefit when receiving life insurance funds during a period of interest accumulation as opposed to immediately upon the policyholder's death.
For instance, if the death benefit is $500,000 and earns 10% interest for a year prior to being paid out, the beneficiary will be responsible for paying taxes on the $50,000 increase.
Making "payable to my estate" the beneficiary of a contract, such as an individual retirement account (IRA), an annuity, or a life insurance policy, is a mistake that investors tend to make regularly.
Therefore, the beneficiary will be responsible for paying taxes on the $50,000 increase, for instance, if the death benefit is $500,000 and it earns 10% interest for a year before to being paid out.
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trudy has just recorded a deed that gives her daughter, sally, a life estate in the family farm plus a general power of appointment over the farm. which is a correct statement regarding the property interests given to sally? a) a disadvantage of the life estate is that it is a future interest. b) a disadvantage of the life estate is that it is a contingent interest. c) a disadvantage of the general power of appointment is that sally will not be able to appoint the remainder interest in the property to herself. d) an advantage of the general power of appointment is that sally will be able to become the sole owner of the farm.
Sally will be able to become the farm's sole owner thanks to the property interests granted to her, which is a benefit of the general power of appointment.
An interest in any form of property or asset, whether real, personal, mixed, physical, or intangible, is referred to as a property interest.
A property interest can either be a fee simple interest in the real estate or a standing timber and tree interest.
Having an interest in something simply means that you have some sort of ownership in it or a right to do something with it or on it.
As an illustration, consider having a lease, an easement, a life estate, being a joint owner, being the only owner, etc.
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which of the following scenarios provides the best example of whistle-blowing? group of answer choices henry fails to meet his sales quota for the month and is reported to the regional manager for special review. lysa tells her husband about illegal environmental dumping she suspects her company is doing. james gives an interview on nbc's dateline about the opportunities available at his company. jessamine speaks to her boss about how uncomfortable she is with the sexual jokes one of her coworkers frequently tells at the o
The best example of whistleblowing is when Henry doesn't make his sales quota for the month and reports it to the regional manager for a special evaluation.
According to the conventional definition, a manager is only one who is responsible for supervising people's activities. Simply put, managers supervise others' efforts to accomplish goals. In the modern workforce, managers may be in control of particular systems or tasks that don't require human interaction. The manager's main responsibility is to organize the work of every employee in the company and provide the best outcomes possible to guarantee the company's expansion. In order to achieve the best results from the staff, managers have a variety of duties and responsibilities. Final Verdict. The ability to plan a business, make decisions, solve problems, communicate effectively, delegate, and manage time are all examples of management talents.
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question content area part 1 utility refers to how much consumers utilize a product or service. a. true b. false
The given statement which is "The utility refers to how much consumers utilize a product or service" is True because of the product or service reach the consumers expectation and can consumer enjoy the product by utilization.
The consumers utilize is the feedback in which the company reviews the consumer expectation and having issue or not with the selling products. The company check the four points to analyze the customer expectation reach or not.
The four expectations are quick and easy resolution consumer complaints, access to preferred service channels, opportunities to answer questions themselves via help centers, personalized experience, and data protection and privacy.
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what is the present value of an annuity due that pays $70.00 per year for 17 years (17 payments) and an additional $1,000.00 with the final payment? use an annual effective interest rate of 8.25%. be careful! when does your calculator (or spreadsheet formula) assume fv's occur?
The present value of an annuity due, we can use the following formula: PV = PMT x ((1 - (1 + r)^(-n)) / r) x (1 + r) we get Therefore, the present value of the annuity due is $1,033.19.
where PV is the present value, PMT is the periodic payment, r is the interest rate per period, and n is the number of periods.
In this case, the periodic payment is $70.00, there are 17 payments, and the interest rate is 8.25% per year. The additional $1,000.00 with the final payment does not affect the present value of the annuity due.
Using the formula, we can calculate the present value as follows:
PV = $70.00 x ((1 - (1 + 0.0825)^(-17)) / 0.0825) x (1 + 0.0825)
PV = $1,033.19
It's important to note that the formula assumes that the payments are made at the beginning of each period, which is why we use the annuity due formula. If the payments were made at the end of each period, we would use a different formula.
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The present value of the annuity due is $1,033.19.
The present value of an annuity due, we can use the following formula: PV = PMT x ((1 - (1 + r)^(-n)) / r) x (1 + r) we get Therefore, the present value of the annuity due is $1,033.19.
where PV is the present value, PMT is the periodic payment, r is the interest rate per period, and n is the number of periods.
In this case, the periodic payment is $70.00, there are 17 payments, and the interest rate is 8.25% per year. The additional $1,000.00 with the final payment does not affect the present value of the annuity due.
Using the formula, we can calculate the present value as follows:
PV = $70.00 x ((1 - (1 + 0.0825)^(-17)) / 0.0825) x (1 + 0.0825)
PV = $1,033.19
It's important to note that the formula assumes that the payments are made at the beginning of each period, which is why we use the annuity due formula. If the payments were made at the end of each period, we would use a different formula.
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a business's social responsibility to investors includes following proper accounting procedures. group of answer choices true false
The four basic categories of CSR are economic responsibility, philanthropic duty, environmental responsibility, and ethical responsibility.
Which duty falls under the MC question on social responsibility?All of a company's intentional actions, its duties to the environment and society, and its moral commitments are all considered to be part of its social responsibility.
What do social responsibility examples look like?Businesses that practice social responsibility include those that support volunteerism, philanthropy, and environmental preservation.For instance, a business might alter its manufacturing procedure to cut down on carbon emissions.
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the historical returns on a portfolio had an average return of 25 percent and a standard deviation of 31 percent. assume that returns on this portfolio follow a bell-shaped distribution. a. approximately what percentage of returns were greater than 87 percent?
To determine approximately what percentage of returns were greater than 87 percent, we would need to use the standard normal distribution table and convert the returns to standard deviation units.
The standard normal distribution table gives us the probability of a return falling below a certain value in standard deviation units.
The formula to convert returns to standard deviation units is:
Z = (X - Mean) / Standard deviation
Where X is the return, Mean is the average return, and Standard deviation is the standard deviation of the returns.
So, for returns greater than 87 percent:
Z = (87 - 25) / 31 = 1.77
Using a standard normal distribution table, we can find that the probability of a return falling below 1.77 standard deviation units is approximately 0.0406.
Therefore, approximately 4.06% of returns were greater than 87 percent.
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2. does your textbook present only positive economics and avoid any normative economics? if not, give some examples of normative issues covered in your textbook.
Normative claims are predicated on "beliefs or ethics"—what someone thinks ought to be. Contrarily, affirmative claims can be put to the test, even if they aren't always true.
Define the term normative economics and its features?By questioning what should occur or what ought to be, normative economics seeks to ascertain whether or not people find particular economic programmes, events, and conditions desirable or not.
As a result, normative statements often give an analysis based on opinion regarding what is deemed desirable. An example of a normative statement would be that the government would aim for growth in the economy of x% and inflation of y%.Normative economics may well be helpful in developing and creating fresh ideas from many angles, but it cannot serve as the sole foundation for making judgements on significant economic issues since it lacks an objective viewpoint that emphasises facts and causes and consequences.Thus, Normative claims are predicated on "beliefs or ethics"—what someone thinks ought to be. Contrarily, positive economics can be put to the test, even if they aren't always true.
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sam wants to know if he can afford the debt he is carrying and, if so, how much leeway he has for assuming more debt. the first thing for him to look at is
The answer is Financial Ratios, If Sam wants to know if he can afford the debt he is carrying and, if so, how much leeway he has for assuming more debt. the first thing for him to look at is financial ratios.
What is the real meaning of debt?Anything owing by one person to another is considered a debt. Debt may be secured by real estate, cash, services, or other value. Debt is more specifically described as capital raised through the issuance of bonds in the field of finance. A loan is a type of debt, but more precisely, it's an arrangement in which one party gives money to another.
What are the four different categories of debt?Debt can be divided into two categories: secured debt and unsecured debt. You can find revolving and installment debt among such categories. These sorts of debt are distinct from one another other from the fact that you owe money.
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which entrepreneur and real estate promoter was responsible for the rail line shown in the map above?
The entrepreneur and actual estate promoter who is accountable for the rail line in the map given is HENRY FLAGLER.
Why is Henry Flagler important?Henry Flagler bought the Jacksonville, St. Augustine & Halifax River Railroad, the first railroad in what in the end became the Florida East Coast Railway. He also offered his first parcel of St. Augustine property, the web page of the future Hotel Ponce de Leon.
What was Henry Flagler's best achievement?Henry Morrison Flagler is excellent acknowledged for his improvement of Florida's east coast. He used to be responsible for constructing the Florida East Coast Railway from Daytona to Key West. Flagler made a great contribution to Florida's economic system thru tourism and agriculture.
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brainly.com/question/2449272#SPJ4Approximately how long will it take for $250 to grow to $1,000 at an annual rate of 8%? 4 years. 25 years. 18 years. 9 years.
18 years would pass within the period at an annual rate .
How to calculate how long it would take?Using the compound interest formula, we can determine how long it will take for an investment to increase from $250 to $1,000 at an annual rate of 8%:
A = P * (1 + r)^t
where A represents the overall sum, P represents the initial sum, r represents the annual interest rate in decimal form, and t is the number of years.
When we enter the numbers, we obtain:
1000 = 250 * (1 + 0.08)^t
By multiplying both sides by 250, we obtain:
4 = (1 + 0.08)^t
Using both sides' natural logarithms:
ln 4 = t * ln (1 + 0.08)
By dividing the two sides by (1 + 0.08)ln
t = ln 4 / ln (1 + 0.08)
Using a calculator to approximate this calculation, we get that t = 18 years.
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erry lang is unclear as to the difference between the balance sheets of a merchandising company and a manufacturing company. explain the difference to jerry.
The differ-ence in balance sheets pertains to the presentation of inventories in the current asset sect-ion. In a merchandising company, only merchandise inventory is sho-wn. In a manufacturing company, 3 inventory accounts are shown: finish-ed goods, work in process, and raw materials.
What Is a Balance Sheet?The term balance sheet refers to a financial state-ment that reports a company's assets, liabilities, and share-holder equity at a specific point in time. Balance sheets pro-vide the basis for computing rates of return for invest-ors and evaluating a company's capital structure.
Balance sheets can be us-ed with other important financial state-ments to conduct funda-mental analysis or calculate financial ratios.
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explain why the geometric and arithmetic mean returns are not equal and whether one or the other may be more useful for investment decision making. the arithmetic average assumes compounding or interest-on-interest , while the geometric average assumes -select- .
As per investment decision the geometric mean is more preferable compare to arithmetic mean as account variation shown by compound interest period to period.
The arithmetic mean is always different from geometric mean as arithmetic mean calculation based on simple average where as geometric mean based on compounding effect.Arithmetic mean returns represents the average sum of all the given numbers.Geometric mean represents the nth root of the product of the several given numbers.For example : Arithmetic mean is ( 8 + 2 ) / 2 = 5Geometric mean is √ 8 × 2 = 4Investors consider that in comparison to arithmetic mean geometric mean is more profitable as it has compounding effect.Therefore, as per investment point of view geometric mean is more preferable than arithmetic mean.
The above question is not complete , the complete question is:
Explain why the geometric and arithmetic mean returns are not equal and which one is more useful for investment decision making?
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salvador supervises ten sales associates at a large retail store. what is salvador's management level?
Based on the information provided, Salvador's management level would be considered first-line or front-line management.
This level of management is responsible for supervising non-managerial employees who are involved in the day-to-day operations of the organization, such as the sales associates in this case.
First-line managers are typically responsible for tasks such as training, scheduling, and evaluating the performance of the employees they supervise. They are also responsible for ensuring that organizational policies and procedures are followed and for communicating with upper management about any issues or concerns that arise.
Front-line managers are typically responsible for overseeing the daily operations of an organization, including the activities of front-line employees, who interact with customers directly and provide essential business services.
Overall, first-line managers play a critical role in ensuring that an organization runs smoothly and efficiently, and they are often the first point of contact for employees who need guidance or assistance.
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specialization through division of labor and trade exploit differences in productivity across workers and group of answer choices benefit only the importer benefit only the exporter make everyone better off. make everyone worse off.
Specialization through the division of labor and trade can make everyone better off.
Specialization through the division of labor and trade can make everyone better off by exploiting differences in productivity across workers and groups. By specializing in what they do best, workers and countries can become more efficient and productive, leading to increased output and higher living standards for everyone. When countries trade with each other, they can also benefit from comparative advantage, which allows them to produce goods and services at a lower opportunity cost and import goods and services that they would have produced at a higher opportunity cost. This can result in a greater variety of goods and services, lower prices, and higher overall welfare for both the importing and exporting countries.
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mark is driving along and looking for an address on the east side of walker street. as he squints to see the numbers posted on the buildings, he plows into the back of a car waiting at a stoplight. both the driver and the passenger of the struck car are injured. the driver suffers $70,000 in bodily injury, the passenger suffers $65,000 in bodily injury, and the vehicle mark hit sustains $30,000 in damage. mark has liability coverage with split limits of 50/100/25, and both injured people carry the minimum pip for florida. how much will mark be responsible for out-of-pocket after this accident?
The correct answer is $20,000. Mark needs to pay $20,000 from his pocket after it is all paid by the insurance.
The driver suffers $70,000 in bodily injury The passenger suffers $65,000 in bodily injuryvehicle Mark hit sustain $30,000Mark liability coverage split limits 50/100/25Both injured people carry the minimum PIP for Florida
Mark's limits are:
$50,000 per person$100,000 for all injuries $25,000 for propertyThe other driver's PIP: (will pay the first of)
his injuries $10,000So Mark will pay:
For the driver = $70,000 - $10.000 - $50,000 = $10,000For the passenger = $65,000 - $10,000 - $50,000 = $5,000For the vehicle = $30,000 - $25,000 = $5,000Total = $10,000 + $5,000 + $5,000 = $20,000
Mark will responsible for $20,000 for this accident.
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The mean value of land and buildings per acre from a sample of farms is $1500, with a standard deviation of $200. The data set has a bell-shaped distribution. Assume the number of farms in the sample is 75.(a) Use the empirical rule to estimate the number of farms whose land and building values per acre are between $1300 and $1700. (Round to the nearest whole number as needed.) (b) If 23 additional farms were sampled, about how many of these additional farms would you expect to have land and building values between $1300 per acre and $1700 per acre Round to the nearest whole number as needed.)
The empirical rule states that for a normally distributed data set with mean μ and standard deviation σ.
How can it be explained?(a) Approximately 68% of the data falls within 1 standard deviation of the mean (i.e., μ ± σ), approximately 95% falls within 2 standard deviations of the mean (i.e., μ ± 2σ), and approximately 99.7% falls within 3 standard deviations of the mean (i.e., μ ± 3σ).
Given a mean of $1500 per acre and a standard deviation of $200, the range of values between $1300 and $1700 per acre is defined as follows: $1500 - $200 x $1500 + $200, which is equal to one standard deviation from the mean.
Inferring from the empirical rule that 51 farms, or nearly 68% of the 75 farms in the sample, had land and building values between $1300 and $1700 per acre
(b) If 23 more farms were tested, we may anticipate that 16 farms, or roughly the same percentage (i.e., 68%), would have land and building values between $1300 and $1700 per acre.
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