# A survey asks 1200 ​workers, "Has the economy forced you to reduce the amount of vacation you plan to take this​ year?" Forty​-six percent of those surveyed say they are reducing the amount of vacation. Twenty workers participating in the survey are randomly selected. The random variable represents the number of workers who are reducing the amount of vacation. Decide whether the experiment is a binomial experiment. If it​ is, identify a​ success, specify the values of​ n, p, and​ q, and list the possible values of the random variable x. Is the experiment a binomial​ experiment?

It is a binomial experiment.

A success is a worker saying that the economy forced him to reduce the amount of vacation you plan to take this​ year.

The random variable x can assume any value from 0 to 20, inclusive.

Explanation:

For the question that is asked to the workers( "Has the economy forced you to reduce the amount of vacation you plan to take this​ year?") there are two possible answers, only two possible outcomes. So yes, it is a binomial experiment.

If it​ is, identify a​ success, specify the values of​ n, p, and​ q, and list the possible values of the random variable x.

A success is a worker saying that the economy forced him to reduce the amount of vacation you plan to take this​ year.

n is the amount of workers that participate in the survey. So

p is the decimal probability of a success. Forty​-six percent of those surveyed say they are reducing the amount of vacation. So

q is the decimal probability of a failure. The sum of the probability of a failure and a success must be decimal 1. So

The values of the random variable x are the number of workers that say they are reducing their amount of vacation. 20 workers are surveyed, so the random variable x can assume any value from 0 to 20, inclusive.

## Related Questions

Suppose that just by doubling the amount of output that it produces each year, a firm s per-unit production costs fall by 30 percent. This is an example of: a. technological advance. b. the demand factor. c. economies of scale. d. improved resource allocation.

The Correct Option is "Economies of scale"

Explanation:

Economies of scale:

Economies of scale explain the reduction in per unit production costs caused by expansion of production. If a economy doubles its output each year causes the production costs to reduce by 30 percent, then it is an example of economies of scale.

Explanation:

Economies of scale is the saving in costs that is gained as a result of an increase in production level. It is the cost advantage that an organization experiences due to its increase in the level of output. The benefit occurs as a result of the inverse relationship that exists between quantity produced and per-unit fixed cost. The higher the quantity of output that is produced, the smaller the per unit fixed cost.

Economies of scale also brings about a reduction in the average variable costs when output increases. This is due to operational efficiencies which occurs as the scale of production increases. When the output is doubled, the reduction in costs by thirty percent is an example of economies of scale.

Determine the utilization and efficiency for each of the following situations. a. A loan processing operation that processes an average of 3 loans per day. The operation has a design capacity of 10 loans per day and an effective capacity of 7 loans per day.
b. A furnace repair team that services an average of 2 furnaces a day if the design capacity is 6 furnaces a day and the effective capacity is 5 furnaces a day.
c. Would you say that systems that have higher efficiency ratios than other systems will always have higher utilization ratios than those other systems

a. Utilization= 30%

Efficiency= 42.85%

b. Utilization= 33.33%

Efficiency=40%

c. . Based on the calculations , the utilization will tend to relied on the design capacity and it may vary accordingly.

Explanation:

a. Calculation to Determine the utilization and efficiency for each

Calculation for utilization

Using this formula

Utilization = (Actual Output/Design Capacity)*100

Let plug in the formula

Utilization= (3/10)*100

Utilization= 30%

Using this formula to calculate for efficiency

Let plug in the formula

Efficiency = (Actual Output/Effective Capacity)*100

Efficiency= (3/7)*100

Efficiency= 42.85%

b. Calculation for utilization

Using this formula

Utilization = (Actual Output/Design Capacity)*100

Let plug in the formula

Utilization= (2/6)*100

Utilization= 33.33%

Using this formula to calculate for efficiency

Let plug in the formula

Efficiency = (Actual Output/Effective Capacity)*100

Efficiency= (2/5)*100

Efficiency=40%

c. In a situation where the design capacity is High this means that there is likelyhood that the utilization could be lesser despite the efficiency was high.

Therefore based on the above calculations , the utilization will tend to relied on the design capacity and it may vary accordingly.

Utilization and efficiency are calculated for loan processing and furnace repair operations. Higher efficiency does not always mean higher utilization.

a. To determine the utilization of the loan processing operation, we divide the average number of loans processed per day by the design capacity: 3 loans / 10 loans = 0.3 or 30%. The efficiency can be found by dividing the average number of loans processed per day by the effective capacity: 3 loans / 7 loans = 0.43 or 43%.

b. Utilization for the furnace repair team is found by dividing the average number of furnaces serviced per day by the design capacity: 2 furnaces / 6 furnaces = 0.33 or 33%. Efficiency is calculated by dividing the average number of furnaces serviced per day by the effective capacity: 2 furnaces / 5 furnaces = 0.4 or 40%.

c. No, systems with higher efficiency ratios do not always have higher utilization ratios. Efficiency measures how well resources are utilized, while utilization measures the percentage of available capacity being used. For example, a system with low efficiency may still have high utilization if it is operating at or near its design capacity. Conversely, a system with high efficiency may have low utilization if it is operating well below its design capacity.

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What is the​ government's policy on collusion in the United​ States? Explain the rationale for this policy. In the United States A. the government makes collusion legal with antitrust laws because monopolies create no deadweight loss.

B. the government makes collusion unnecessary with​ government-imposed barriers to entry because monopolies enhance economic efficiency.

C. the government encourages collusion with subsidies because resulting profits can be used to develop new products.

D. the government promotes collusion with the Federal Trade Commission because perfectly competitive markets enhance economic efficiency.

E. the government makes collusion illegal with antitrust laws because monopolies reduce economic efficiency.

The correct answer is letter "E": the government makes collusion illegal with antitrust laws because monopolies reduce economic efficiency.

Explanation:

Antitrust laws regulate competition between companies. To protect consumers from price manipulation and unfair competition by making sure trade remains unrestrained. When businesses conspire to turn competition to their favor, they violate antitrust laws.

Those regulations prohibit business practices such us monopolies since those types of organizations take control over a certain market, making almost impossible the entry of competitors and consumers have fewer choices and higher prices.

Which of the following statements is most CORRECT? Federal bankruptcy law deals only with corporate bankruptcies. Municipal and personal bankruptcy are governed solely by state laws. All bankruptcy petitions are filed by creditors seeking to protect their claims against firms in financial distress. Thus, all bankruptcy petitions are involuntary as viewed from the perspective of the firm's management.

Answer: All bankruptcy petitions are filed by creditors seeking to protect their claims against firms in financial distress.

Explanation:Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankruptcy is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, such as the United Kingdom, bankruptcy is limited to individuals; other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. Bankruptcy is the legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debtor's assets are measured and evaluated, and the assets may be used to repay a portion of outstanding debt.

The balance of stockholders' equity at the beginning of the year and the end of the year was \$ 45 comma 000 \$45,000 and \$ 64 comma 000 \$64,000?, respectively. The company issued no common stock during the year. Dividends were \$ 25 comma 000 \$25,000. What was the net income or loss for the? year? A. Net loss of \$ 89 comma 000 \$89,000 B. Net income of \$ 44 comma 000 \$44,000 C. Net income of \$ 89 comma 000 \$89,000 D. Net loss of \$ 44 comma 000 \$44,000 Converse Florists? & Co. reported assets of \$ 1 comma 100 \$1,100 and equity of \$ 300 \$300. What is its debt? ratio? (Round your percentage answer to two decimal? places.) A. 77.73 77.73%
B. 27.27 27.27%
C. 72.73 72.73%
D. 100.00%

I believe d would be the answer

On December 31, 2019, Spearmint, Inc., issued \$450,000 of 9 percent, 3-year bonds for cash of \$461,795. Prepare the necessary journal entry for Spearmint, Inc.

Dr Cash for \$461,795,

Cr Premium on Bonds Payable for \$11,795

Cr Bonds Payable for \$450,000

Explanation:

Journal entries

Dr Cash for \$461,795,

Cr Premium on Bonds Payable for \$11,795

Cr Bonds Payable for \$450,000

(Issue price of \$461,795 - par value of \$450,000) =\$11,795