the town of valentine imposes an effective price ceiling on cigars. arthur morgan points out that there will be dead weight loss from this. what is he referring to?
Answers
Arthur Morgan is pointing out that the price ceiling on cigars in Valentine's will lead to an inefficient allocation of resources and a loss of economic welfare, known as a deadweight loss.
Arthur Morgan is referring to the concept of deadweight loss when he mentions that there will be a deadweight loss from the price ceiling on cigars in the town of Valentine. Deadweight loss refers to the loss of economic efficiency that occurs when the equilibrium quantity and price of a good or service are not achieved due to market interventions such as price ceilings.
In this case, the price ceiling imposed on cigars by the town of Valentine prevents the price from reaching the equilibrium level determined by the market forces of supply and demand. As a result, the quantity demanded by consumers exceeds the quantity supplied by producers at the price ceiling.
The deadweight loss arises from the inefficient allocation of resources caused by this imbalance. Specifically, some consumers who are willing to pay a higher price for cigars are unable to obtain them due to the price ceiling.
Likewise, some producers who could have supplied cigars at the higher equilibrium price choose not to produce them at the artificially lower price. This leads to a reduction in consumer and producer surplus, which represents the economic welfare that would have been gained if the market were allowed to reach equilibrium.
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Related Questions
What did the Emergency Banking Relief Act?
Answers
The Emergency Banking Act of 1933 was legislation passed during the Great Depression that took way to stabilize and restore confidence in the American banking system.
The Emergency Banking Act amended the Trading with the Adversary Act of 1917 and handed for banks to be restarted after four days out and for the Treasury to check banks.
The new law allows twelve Federal Reserve banks to issue fresh currencies on good means, allowing the reopening of banks to meet any licit demand. The new currency will be transferred to all corridor of the country by the Bureau of Engraving and Printing.
Question:
What does the Emergency Banking Relief Act do?
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the price of aluminum increases, what can you expect about the market for coke in plastic bottles?
Answers
An increase in the price of aluminum may indirectly impact the market for coke in plastic bottles through substitution, competitive, and price effects. However, the specific impact will depend on a range of factors, including the magnitude and duration of the price change, consumer preferences, and the availability of alternative packaging materials.
An increase in the price of aluminum may not have a direct impact on the market for coke in plastic bottles, as aluminum and plastic are different materials used for packaging. However, there are some potential indirect effects that could impact the market for coke in plastic bottles:
Substitution effect: As the price of aluminum increases, manufacturers may shift to alternative materials like plastic for packaging, which could increase demand for plastic bottles.
Competitive effect: If the price of aluminum increases, it may make aluminum cans more expensive, which could make plastic bottles relatively more attractive to consumers and potentially increase demand for plastic bottles.
Price effect: If the price of aluminum increases, the cost of producing and distributing beverages packaged in aluminum cans may increase, which could lead to higher prices for consumers. This could make plastic bottles relatively more attractive to price-sensitive consumers and potentially increase demand for plastic bottles.
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Who might request your credit report besides you? Why?
Answers
Answer: See explanation
Explanation:
Credit report and history are used to know ones creditworthiness. Apart from the individual who owns the account, it can also be requested by creditors or lenders such as mortgage lenders so that they can know if one is eligible and creditworthy for a loan. Creditors review ones credit report when loans are applied for.
starskeep, inc., is a fast-growing technology company. the firm projects a rapid growth of 40 percent for the next two years and then a growth rate of 20 percent for the following two years. after that, the firm expects a constant-growth rate of 8 percent. the firm expects to pay its first dividend of $1.25 a year from now. if your required rate of return for such stocks is 20 percent, what is the current price of the stock?
Answers
When the required rate of return for such stocks is 20 percent, the current price of the stock is 15.63.
What is stock?Stock in finance refers to all of the shares that make up a corporation's or company's ownership. A single share of stock represents fractional ownership of the corporation based on the total number of shares. A stock is a broad term that refers to any company's ownership certificates.
The price will be calculated thus:
D1 = 1.25
D2 = 1.25 × (11+.40)
D3 = 1.25 × (1+.40) × (1+.20)
D4 = 1.25 × (1+.40) × (1+.20)^2
P4 = 1.25 × (1+.40) × (1+.20)^2 × (1+.08)/(.20 - .08)
Note that d is the dividend.
Current Stock Price = 1.25/(1+.20)^1 + 1.25*(1+.40)/(1+.20)^2 + 1.25*(1+.40)*(1+.20)/(1+.20)^3 + 1.25*(1+.40)*(1+.20)^2/(1+.20)^4 + 1.25*(1+.40)*(1+.20)^2*(1+.08)/(.20 - .08)*(1+.20)^4 = 15.625 or 15.63
Therefore, the current price is 15.63.
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You are responsible for managing the inventory of SKU H3779, a children's tablet computer. You currently purchase an annual 2,000 units of this item from a supplier. The holding cost per unit per year is equal to $76 (the inventory holding cost factor is 20% and the unit cost is 5380 ), and the cost of placing an order is $392. - What is the economic order quantity for SKU \#3229? - How many orders will be placed over the course of a year? - The purchasing manager has been negotiating with the supplier, and the latter has agreed to the following terms: Lower order placement costs ($60 instead of $392) and higher unit costs ($384instead of \$380). Do you think this a good deal? Why or why not?
Answers
Based on the calculations, it appears that the new terms are better, resulting in a slightly lower total cost of $12,184 compared to the original terms, which cost $12,256. However, other factors such as the reliability of the supplier, delivery times and product quality must also be taken into account when evaluating whether or not to accept the new terms.
To calculate the economic order quantity (EOQ), we can use the following formula:
EOQ = \(√[(2DS)/H]\)
Where D is the annual demand, S is the setup (ordering) cost, and H is the holding cost per unit per year.
Given the information provided:
D = 2,000 units
S = $392
H = $76
So, plugging in the values:
EOQ =\(√[(2 x 2,000 x $392)/$76] ≈ 270 units\)
To calculate the number of orders placed over the course of a year, we can divide the annual demand by the EOQ:
Number of orders = \(D/EOQ = 2,000/270 ≈ 7.4 orders\)
Since we cannot place a fraction of an order, we will round up to 8 orders per year.
To determine whether the new terms with the supplier are better, we need to calculate the total cost of the original terms and the new terms and compare them.
Original terms:
Ordering cost per order = $392
Unit cost = $380
Annual demand = 2,000 units
Holding cost = 20% x $380 = $76
Total cost = (Ordering cost per order x Number of orders) + (Unit cost x Annual demand x Holding cost)
Total cost = ($392 x 8) + ($380 x 2,000 x $76)
Total cost = $3,136 + $9,120
Total cost = $12,256
New terms:
Ordering cost per order = $60
Unit cost = $384
Annual demand = 2,000 units
Holding cost = 20% x $384 = $76.80
Total cost = (Ordering cost per order x Number of orders) + (Unit cost x Annual demand x Holding cost)
Total cost = ($60 x 8) + ($384 x 2,000 x $76.80)
Total cost = $480 + $11,704
Total cost = $12,184
Based on these calculations, it appears that the new terms are better, as they result in a slightly lower total cost of $12,184 compared to the original terms, which cost $12,256. However, other factors such as the reliability of the supplier, delivery times, and quality of the product should also be taken into consideration when evaluating whether or not to accept the new terms.
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The total mass of a skier is 60.0 Kg. He starts from rest and slides down a slope without exerting any effort. After he has descended through a total vertical displacement of 50.0 m
he is travelling at a velocity of 30.0 m/s. How much work has been done against resistive forces experienced by the skier as his
velocity increases from 0 to 30.0 m/5?
Take the gravitational field strength g as 10 N/kg.)
Answers
The work done against resistive forces experienced by the skier as his velocity increases is 27,000 joules.
To determine the work done against resistive forces experienced by the skier as his velocity increases, we need to calculate the change in the skier's kinetic energy.
the work-energy theorem states that the work done on an object is equal to the change in its kinetic energy. mathematically, it can be expressed as:
work = δke
the initial kinetic energy (keinitial of the skier is 0 because he starts from rest. the final kinetic energy (kefinal is given by:
kefinal= (1/2) * m * v²
where m is the mass of the skier and v is the final velocity.
given:m = 60.0 kg
v = 30.0 m/s
kefinal= (1/2) * 60.0 kg * (30.0 m/s)² = 27,000 j
since the initial kinetic energy is 0, the change in kinetic energy is simply the final kinetic energy:
δke = kefinal- keinitial = 27,000 j - 0 j = 27,000 j
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What is likely to happen if the price of a product goes up?
A.
The supply is likely to increase.
B.
The supply is likely to decrease.
C.
The demand is likely to cause scarcity.
D.
The demand is likely to increase.
Answers
Option B, The demand is likely to cause scarcity. is the correct answer
Which type of power steering system relies on inputs to sense the steering
effort?
A) HPAS
B) EPAS
C) Both A and B
D) Neither A nor B
Back
50 of 61
Next
Submit All
!!!
Answers
Answer:
Hi
Explanation:
C is the correct answer
If the potential employer is a candle-making company, _____ would be one of the employer’s raw materials.
mold
match
wax
none of the above
Answers
Answer:
wax
Explanation:
Raw materials are the components or ingredients used to manufacture finished goods. They are the unprocessed materials that go through the production process or refining to give a consumable product.
Wax is the main raw material in the production of candles. A company involved in making candles need a source of wax to stay in business.
Jessica has just opened a shoe store. To operate her business, she orders her
shoes from a company. That company receives the shoes from a local
designer. What role does Jessica play in the distribution channel?
A. Jessica is a producer.
оо
B. Jessica is a wholesaler.
C. Jessica is a retailer.
O
D. Jessica is a storage provider.
Answers
Answer:
The answer is C
Explanation: Brainiest Would help! :D
Answer:
Answer: C Jessica is a retailer
Explanation:
RETAILERS are responsible for making goods convenient for consumers
to buy.
If you own a business that purchases other people's merchandise and sells
it in your shop you are known as a RETAILER.
Taxpayers with high incomes and high amounts of certain deductions may be subject to an additional tax referred to as the ________________ tax.
Answers
Certainly! When algebra tiles are grouped in sets, they can be represented by equivalent expressions that capture the same mathematical concept. Let's consider the following scenario:
Scenario: Grouped as a rectangle
Imagine a rectangle made up of algebra tiles, where one side has a length of 'a' tiles and the other side has a length of 'b' tiles. This rectangle represents the area model for multiplying two binomials: (a + b)(a + b).
Equivalent expression 1: (a + b)(a + b)
This expression represents the multiplication of the two binomials using the distributive property. Each term in the first binomial is multiplied by each term in the second binomial, resulting in a product that preserves the area model of the rectangle.
Equivalent expression 2: a^2 + 2ab + b^2
By applying the distributive property and combining like terms, the expression can be simplified to this quadratic form. The squared terms (a^2 and b^2) represent the areas of the two squares formed by the algebra tiles, and the 2ab term represents the combined areas of the rectangles formed by the overlapping tiles.
Both expressions represent the same grouping of algebra tiles, illustrating the multiplication of two binomials. However, the second expression provides a more concise and simplified form, capturing the essence of the area model and allowing for further algebraic manipulations.
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mover wanted unitrust to be liable for the forgeries. unitrust refused, and mover filed a lawsuit against unitrust. the general rule is that a bank____ liable when the bank pays a forged check.
Answers
The general rule is that a bank is liable when it pays a forged check.
This means that if the bank pays a check that has been forged, it is responsible for the amount of the check that was paid and not the person who presented the check or the person who wrote the check. In the case mentioned in the student question, the mover wanted Unitrust to be liable for the forgeries, but Unitrust refused.
As a result, the mover filed a lawsuit against Unitrust. In this case, if the check that was presented to Unitrust was indeed forged, then Unitrust would be liable for the amount of the check that was paid, and the mover would be entitled to receive that amount from Unitrust as compensation for their loss.
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Which statement best describes a business creating an incentive?
Answers
Answer:
A. A factory increases production to respond to growing demand.
B. A restaurant offers a discounted price on a new type of dish.
C. A car dealership increases the price on a car when it becomes
more popular
D. A retailer stops carrying a product that doesn't sell well in its
stores
Explanation:
An incentive is a reason why somebody should do something, or in this case, buy something. This is why I believe the right answer is B because it attracts customers.
If total habilities decreased by $46,000 during a neriod of time ard stockhol ders' equity increased by $60,000 during the same period, the amount direction (increase or decrease) of the period's change in total assets is a. $106,000 increase b. $106000 decrease C. $14.000 increase) d. $ 514.000 decrease
Answers
The period's change in total assets is $14.000 increase. The correct option is C. $14,000 increase.
Given, total liabilities decreased by $46,000 during a period of time and stockholders' equity increased by $60,000 during the same period. We are to find the direction of the period's change in total assets.
To find the direction of the period's change in total assets, we use the accounting equation, which is given as:
Total assets = Total liabilities + Stockholders' equity
Therefore, Total assets = Total liabilities + Stockholders' equity
Change in total assets = Change in total liabilities + Change in stockholders' equity
Now, Total assets decreased by $46,000 - since the total liabilities decreased by $46,000.
Also, stockholders' equity increased by $60,000.
Hence, Change in total assets = - $46,000 + $60,000
= $14,000 increase
So, the correct option is C. $14,000 increase.
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Define the term "Statement of Work" (SOW) and explain its
purpose.
Answers
A Statement of Work (SOW) is a document that clearly identifies the activities or objectives that a contractor is required to accomplish in a project.
The main purpose of an SOW is to specify all the expectations of the project, outlining the tasks, deliverables, and timelines that are to be met for the project to be successful. The SOW defines the project’s scope of work in detail. It outlines all the specifics, the deliverables to be produced, and the timelines for each one. SOWs are used by a wide range of organizations including government, private businesses, and non-profit organizations. The SOW is a key document used in the planning and execution of projects. It serves as the foundation upon which all the other project management activities are based. In essence, it defines the parameters within which the project will operate. As such, it is a critical document that needs to be carefully crafted to ensure that all the necessary aspects of the project are included.
The SOW serves several purposes including Providing a clear and concise description of the project: This is important to ensure that everyone involved in the project is on the same page. The SOW should clearly outline what the project is all about, what is required to achieve its goals, and what the deliverables are. Specifying the scope of the project: The SOW outlines the boundaries of the project. This helps to ensure that the project stays on track and that everyone knows what is expected of them. Defining the objectives of the project: The SOW should specify the project’s goals and what the contractor is expected to achieve. This will help to ensure that the project meets its objectives and delivers value to the client. Outlining the tasks and timelines: The SOW should provide a detailed description of the tasks that need to be accomplished, the timelines for each task, and the deliverables that are expected. This helps to ensure that the project stays on track and that everyone knows what they need to do to complete the project on time.
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Based on this scenario,Do you want to change any of your business strategy.
Answers
Answer:
Yes , You can change your location.
The target cost is __________. ANSWER Unselected reevaluating activities to reduce costs while satisfying customer needs Unselected the amount a customer is willing to pay for a good or service Unselected the maximum cost to develop, produce, and deliver the product or service and earn the desired profit Unselected the minimum cost to develop, produce, and deliver a good or service Unselected I DON'T KNOW YET
Answers
Answer:
the maximum cost to develop, produce, and deliver the product or service and earn the desired profit
Explanation:
Target Cost is Selling Price – Profit Margin
Target Cost = Selling Price – Profit Margin
Features of target cost
1. The price at which the good and service is sold is determined by market conditions
2. Cost reduction is the difference between current cost and target cost
Advantages if target cost
1. It ensures that a product being created is profitable
2. Due to the fact that the product is developed in line with consumers wants, it increases the sales of the product
Disadvantage of target costing
1. If cost estimate is wrong, it can lead to failure of the venture
Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT?
Answers
All of the following, with the exception of conditions, are required.
Describe insurance.One party will agree to compensate another in the event of a certain loss, damage, or injury in exchange for a fee in order to safeguard oneself from financial loss. It is a risk management technique that is typically used to guard against the danger of a hypothetical loss that may or may not materialise.
An underwriter, insurer, firm, or carrier is a company that provides insurance. A person or organisation that obtains insurance is known as a policyholder, whereas a person or organisation that the policy protects is known as an insured.
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the clause in a mortgage that terminates the lender's interest when the mortgage is paid in full is known as:
Answers
In some home loan contracts, there is a condition called a "defeasance statement" that says the borrower will get the title to the property once the home loan installments are all paid.
A mortgage's acceleration clause allows your lender to accelerate the rate at which your loan's payment terms are calculated.Additionally, the clause may permit your lender to demand full and immediate payment of your mortgage.
What is the distance statement in a home loan?
Clause for alienation.When title to the property is transferred or, in some cases, when possession is changed, this clause enables the lender to demand the entire loan balance that is due.
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Pete and Mason are shopping for Cheese-its for a class activity. They needed several boxes. Which prices give the better deal.
A. $1.25 per box
B. $5.50 for 3 boxes
c. Buy 1 at regular price ($3.50) and get one at 50% off
D. $2.75 per box and a coupon for $1.00 off
Answers
Answer:
I believe A. $1.25 per box would be the best deal.
Explanation:
This is because A is $1.25 per box,
B. is about $1.83 per box (5.50/3 divided by 3/3 = about 1.83/1)
C. Would be 1 box = $3.50, and the next $1.75 (which is still not less then just $1.25 per box)
and D. would be $2.75-$1 off = $1.75
Out of all of them, A is cheapest/gives the best deal.
Not sure if all calculations are correct, but I hope this helps! :)
What is added to the price of goods and services at the time of purchase?
Answers
Answer:
VAT
Value Added Tax
______________'_''
Daniel has been working hard all year and just received a bonus check from his employer. Rather than spend
it now, Daniel stores all his money in a high-yield savings account because he is planning to buy a boat in
the future. Daniel is using money as a
a: store of value
b: medium of exchange
c: source of inflation
d: unit of account
Answers
Answer:
Store of Value.
Explanation:
Money will successfully function as a store of value when it’s easy to store and it can reliably hold its value over time.
i like peopel but people dont like me so what do i do i woulder why so can so who can help me please because no one wants to so please help me.
Answers
Paul, John, George and Richard decided to form a limited liability corporation (LLC) for their music business. They want to clearly define the way members share in profits and losses, receive distributions, leave the company and dissolve he company. This information would be included in
Answers
Paul, John, George, and Richard's decision to form a limited liability corporation (LLC) for their music business is a wise move as it provides protection against personal liability and allows for flexible management and taxation options.
As they proceed with the formation, it is important for them to clearly define the way members share in profits and losses, receive distributions, leave the company, and dissolve the company. This information will be included in the LLC operating agreement, which outlines the rules and regulations that govern the company. The operating agreement should specify how profits and losses will be allocated among members based on their ownership percentage, as well as the timing and frequency of distributions.
It should also outline the process for a member to leave the company and the rights and obligations of remaining members in the event of a departure. Lastly, the operating agreement should establish the conditions and procedures for dissolving the company, including the distribution of assets and liabilities. By carefully considering and clearly defining these aspects, Paul, John, George, and Richard can ensure a successful and smooth operation of their LLC.
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what is project a's discounted payback? do not round intermediate calculations. round your answer to four decimal places.
Answers
Discounted Payback Period of Project A can be calculated as Years Before Full Recovery + (Unrecovered Cost at Start of Year / Cash Flow during Year). Hence, the discounted payback period for Project A is 2.5866.
In order to calculate Project A's discounted payback period, the following formula can be used:
Discounted Payback Period = Years Before Full Recovery + (Unrecovered Cost at Start of Year / Cash Flow during Year)
Here, we need to determine the unrecovered cost at the start of year and the cash flow during the year for each year and then calculate the discounted payback period accordingly. The discount rate for Project A is given as 12%.
Year 0: Unrecovered Cost = -2000
Year 1: Cash flow = 800, Present Value = 800/(1+0.12) = 714.29
Year 2: Cash flow = 1100, Present Value = 1100/(1+0.12)^2 = 853.86
Year 3: Cash flow = 1500, Present Value = 1500/(1+0.12)^3 = 1013.14
Year 4: Cash flow = 1900, Present Value = 1900/(1+0.12)^4 = 1202.62
Year 5: Cash flow = 2400, Present Value = 2400/(1+0.12)^5 = 1381.03
The unrecovered cost is fully recovered in Year 2, so the discounted payback period can be calculated as follows:
Discounted Payback Period = 2 + (2000 - 714.29)/(853.86) = 2.5866 (rounded to 4 decimal places)
Therefore, the discounted payback period for Project A is 2.5866.
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The activity times are 3, 4, 2, 5, 7, 2, 2, and 3 days for activities A1 through A8, respectively.
What is the earliest completion time of the project (show calculation)?
Answers
The earliest completion time of the project is 17 days, which is the total duration of the critical path.
In this case, we are given the activity times for each of the eight activities. To find the earliest completion time, we need to identify the critical path, which is the longest sequence of activities that must be completed in order to finish the project. To identify the critical path, we need to calculate the earliest start time (EST) and earliest finish time (EFT) for each activity. The EST for the first activity is 0, and the EFT is the activity time of 3 days.
For the second activity, the EST is 3 (the EFT of the previous activity), and the EFT is 7 (the EST + activity time of 4 days). We continue this process for each activity until we reach the end of the project. Once we have calculated the EST and EFT for each activity, we can identify the critical path as the sequence of activities with the longest total duration. In this case, the critical path is A1-A2-A5-A8, which has a total duration of 17 days.
Therefore, the earliest completion time of the project is 17 days, which is the total duration of the critical path. This means that the project cannot be completed any earlier than 17 days, even if all activities are completed as quickly as possible.
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Which type of ma plan is an hmo plan that also covers some benefits out-of-network, generally at a higher cost?.
Answers
The type of ma plan is an hmo plan that also covers some benefits out-of-network, generally at a higher cost is: Private Fee-for-Service (PFFS), Medicare Supplement Insurance Plan.
What is medicare advantage plan?Medicare advantage plan can be defined as a health insurance coverage plan that help to cover the medical costs of people under the plan.
The type of Medicare advantage plan that also covers some benefits out-of-network are:
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(a) A family consist of a baby, a child attending nursery school and working parents, decide to prepare a budget for 3 months has a limited income and decides to purchase a food processor instead of a television set.
Suggest TWO possible reason for this decision.
Answers
Answer:
bhosdi ke kute gal chode
hey you are loved.
Take of yourself.
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Which defines room and board?
O housing and meals that are often provided at additional cost
O monetary support that is used to help pay educational costs
O an educational institution or establishment, in particular one providing higher education
O a school that provides training in a specific skill or trade
Answers
Room and board are defined as educational institutions or establishments, particularly ones providing higher education. Thus the correct option is C.
What is the definition?A definition of any word is a detailed description defining the accurate meaning to the reader in order to gain information and understand the meaning to utilize in vocabulary and used in any sentence.
Education and knowledge are not equivalent. Education is the means by which you acquire knowledge, which is what you already know. Knowledge is any truth or piece of information that you can retain and apply. We discover new things through education.
Therefore, option C is appropriate.
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1. Which defines room and board?
housing and meals that are often provided at additional cost
2. What is the definition of a college?
an educational institution or establishment, in particular one providing higher education
3. Which describes financial aid?
monetary support that is used to help pay educational costs
4. Which defines continuing education?
the formal classes that focus on a specific area of study, not usually taken for credit
5. What is post-secondary education?
the education level that follows the successful completion of high school
4/20/2023Consider an engine manufacturing facility where engines are loaded onto trucks for shipment to customers. Suppose there are 12 different engines that need to be put on 3 trucks so that each truck holds 4 engines and assume that the engines are randomly assigned to trucks for shipment.
a. How many different ways are there to allocate the engines to the trucks?
b. What is the probability that engine 1 is assigned to the first truck?
c. Let event A be the event that engine 1 is assigned to truck 1 and let event B be the event that engine 2 is assigned to truck 1. Are the events A and B independent? Why or why not?
Answers
a. There are 120 different ways to allocate the engines to the trucks.
b. The probability that engine 1 is assigned to the first truck is 1/3.
a. To determine the number of different ways to allocate the engines to the trucks, we can use the concept of combinations. Since there are 12 different engines and we need to put 4 engines on each of the 3 trucks, we can calculate the combination as follows:
C(12, 4) * C(8, 4) * C(4, 4) = 495 * 70 * 1 = 34,650.
However, we need to account for the fact that the trucks are indistinguishable, so we divide the result by the number of ways the trucks can be arranged, which is 3! (3 factorial) since there are 3 trucks.
Therefore, the total number of different ways to allocate the engines to the trucks is 34,650 / 3! = 120.
b. The probability of engine 1 being assigned to the first truck can be calculated by considering that each engine has an equal chance of being assigned to any of the 3 trucks. Since there are 3 trucks and engine 1 needs to be assigned to the first truck, the probability is simply 1 divided by the total number of trucks, which is 1/3.
The calculation of the different ways to allocate the engines to the trucks involves the concept of combinations. Combinations are used when the order of the elements does not matter, which is the case here since the trucks are indistinguishable. By applying the combination formula and considering the number of engines and trucks, we can determine the total number of different allocations.
The probability of engine 1 being assigned to the first truck is straightforward since each engine has an equal chance of being assigned to any truck. Therefore, the probability is calculated by dividing 1 (the favorable outcome) by the total number of trucks.
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