Car Buyers Were Asked to Indicate the Car Dealer They

question 59

Multiple Choice

Car buyers were asked to indicate the car dealer they believed offered the best overall service.The four choices were Contour Motors (C) ,Modern Chrysler (M) ,Tonneau Auto (T) ,and Uncanny Chevrolet (U) .The following data were obtained: $\begin{array}{llllllllll}\mathrm{T} & \mathrm{C} & \mathrm{C} & \mathrm{C} & \mathrm{U} & \mathrm{C} & \mathrm{M} & \mathrm{T} & \mathrm{C} & \mathrm{U} \\\mathrm{U} & \mathrm{M} & \mathrm{C} & \mathrm{M} & \mathrm{T} & \mathrm{C} & \mathrm{M} & \mathrm{M} & \mathrm{C} & \mathrm{M} \\\mathrm{T} & \mathrm{C} & \mathrm{C} & \mathrm{T} & \mathrm{U} & \mathrm{M} & \mathrm{M} & \mathrm{C} & \mathrm{C} & \mathrm{T} \\\mathrm{T} & \mathrm{H} & \mathrm{C} & \mathrm{H} & \mathrm{T} & \mathrm{M} & \mathrm{M} & \mathrm{C} & \mathrm{H} & \mathrm{T}\end{array}$ What percentage of car buyers identified Contour Motors as having the best overall service?

• A) 1/4 = 0.25 or 25%
• B) 14/40 = 0.35 or 35%
• C) 14%
• D) None of these choices.

Understand the distinction between and applications of algorithms and heuristics in solving complex problems.

Understand the difference between the short run and the long run in economics and the implications for production and firm operation.

Identify and calculate marginal, average, and total products from given data.

Differentiate between economic profits, accounting profits, and normal profits, and calculate them using explicit and implicit costs.

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