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Consider Figure 1.15. The graph shows a stylized demand curve for Blu-ray recorders.

(a) What are the endogenous variables in this model? (b) The price of a Blu-ray recorder is 1,500 Swiss francs. What is the quantity demanded? (c) If the price fell to only one-third of its previous level, what would market demand be? (d) The supply curve can be described by the following equation: P = 500 + 0.000025 * Quantity (f) It becomes unfashionable to waste time in front of the TV. Show how this change of preferences affects market demand. What will be the effect on the equilibrium price level and quantity? (g) Due to a new technology it becomes cheaper to produce Blu-ray recorders. How will that affect the diagram? (h) The government introduces a tax on Blu-ray discs. How will that affect the diagram? What happens if the government introduces a tax on visits to the cinema but does not levy a tax on Blu-ray discs?

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Concrete Strength An engineer wants to know if the mean strengths of three different concrete mix designs differ significantly. He also suspects that slump may be a predictor of concrete strength. Slump is a measure of the uniformity of the concrete, with a higher slump indicating a less uniform mixture. The following data represent the 28-day strength (in pounds per square inch) of three different mixtures with three different slumps.

(a) Normal probability plots indicate that it is reasonable to believe that the data come from populations that are normally distributed. Verify the requirement of equal population variances.

(b) Determine whether there is significant interaction between mixture type and slump.

(c) If there is no significant interaction, determine whether there is significant difference in the means for the three types of mixture. If there is no significant interaction, determine whether there is significant difference in the means for the slumps.

(d) Draw an interaction plot of the data to support the results of parts (b) and (c).

(e) The residuals are normally distributed. Verify this.

(f) If there is significant difference in the means for the three mixture types, use Tukey’s test to determine which pairwise means differ using a familywise error rate of . If there is significant difference in the means for the slumps, use Tukey’s test to determine which pairwise means differ using a familywise error rate of .

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Open the MDS data-set

a. Run the MDS UNFOLDING program (as in this chapter’s example) using the following assumptions (OPTIONS menu):

i. Identity scaling model

ii. Proximities are dissimilarities

iii. No transformation of proximities

iv. No intercept

v. ‘Correspondence’ initial configuration

vi. Strength of penalty term: 0.3

vii. Range of penalty term: 2.0

b. Look at the output and comment on the results, comparing them with the ones in the chapter’s example

c. Change the following options:

• Ordinal transformation of proximities

• Include an intercept

• ‘Ross-Cliff’ initial configuration

• Strength of penalty 0.1

• Range of penalty term 1.0

d. Compare the results with the previous ones. Try changing the options one by one to see which one has the largest impact on the results

e. Save the final co-ordinates in a separate file and compute the correlations with the expert panel evaluations

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Breakeven analysis is one of the simplest yet underused analytical tools in management. It helps provide a dynamic view of the relationships among sales, costs, and profits. A better understanding of breakeven analysis can enable an organization to formulate and implement strategies more effectively. This exercise will show you how to calculate breakeven points mathematically. The formula for calculating breakeven point is BE Quantity = TFC/P – VC. In other words, the quantity (Q) or units of product that need to be sold for a firm to break even is total fixed costs (TFC) divided by (Price per Unit – Variable Costs per Unit). Instructions Step 1 Assume an airplane company has fixed costs of $100 million and variable costs per unit of $2 million. The planes sell for $3 million each. What is the company’s breakeven point in terms of the number of planes that need to be sold just to break even? Step 2 If the airplane company wants to make a profit of $99 million annually, how many planes will it have to sell? Step 3 If the company can sell 200 airplanes in a year, how much annual profit will the firm make?

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