Advertising expenses are a significant component of the cost of good.pdf

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Advertising expenses are a significant component of the cost of goods sold. Listed below is a frequency distribution showing the advertising expenditures for 72 manufacturing companies located in the Southwest. The mean expense is $52.0 million and the standard deviation is $15.10 million. Is it reasonable to conclude the sample data are from a population that follows a normal probability distribution? Advertising expenses are a significant component of the cost of goods sold. Listed below is a frequency distribution showing the advertising expenditures for 72 manufacturing companies located in the Southwest. The mean expense is $52.0 million and the standard deviation is $15.10 million. Is it reasonable to conclude the sample data are from a population that follows a normal probability distribution? Solution a)reject Ho if x2>9.49 b) expectd value=72/5=14.4 chi square value= sum of (expected value-actual value)^2/expected value =((3-14.4)^2+(15-14.4)^2+(29-14.4)^2+(17-14.4)^2+(8-14.4)^2)/14.4=27.1667.

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Week 3 Activity 1: Midterm Exam Top of Form Question 1 In general, what is a price index? What questions does it help answer? Answer: Question 2 For the perfectly competitive firm, price equals marginal revenue because _________. Choose one answer. a. when another unit of the good is sold, total revenue increases by the price of the good b. when another unit of the good is sold, total revenue decreases by the price of the good c. when another unit of the good is sold, total revenue increases by less than the price of the good d. when another unit of the good is sold, total revenue increases by more than the price Question 3 The law of supply states that _________. Choose one answer. a. firms supply more of a product as consumer income rises b. firms supply more of a product as consumer income falls c. firms supply more of a product as the price of the product rises d. firms supply more of a product as the price of the product falls Question 4 The price elasticity of demand is calculated by _________. Choose one answer. a. the change in price divided by the change in quantity demanded b. the change in quantity demanded divided by the change in price c. the percentage change in price divided by the percentage change in quantity demanded d. the percentage change in quantity demanded divided by the percentage change in price Question 5 Scarcity can best be defined as a situation in which _________. Choose one answer. a. there are no buyers willing to purchase what sellers have produced b. there are not enough goods to satisfy all of the buyers’ demand c. resources are limited in quantity and can be used in different ways d. there is not enough money to satisfy consumers’ wants Question 6 Match the description to the right curve. is cost that varies with the level of output is cost that does not vary with output is the sum of total variable cost and total fixed cost shows the additional cost of each additional unit of output a firm produces is total cost divided by quantity. is the firm’s variable cost per unit of output; it is total variable cost divided by quantity which is total fixed cost divided by quantity Question 7 State the essential difference between the classical and Keynesian schools of thought. If you were a public policymaker and received conflicting advice from a classical and a Keynesian economist, how would you choose? Explain. Answer: Question 8 In the short-run, ______ factors of production are fixed, while in the long-run, _____ of them are. Choose one answer. a. some, none b. all, none c. no, at least some d. all, at least some Question 9 When economists say a market has "barriers to entry" they refer to _________. Choose one answer. a. monopolists being prohibited from selling their products to certain customers b. a policy that some countries establish to reduc.

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