The Table Below Shows the Number of Licensed Hotels with at Least

question 10

Essay

The table below shows the number of licensed hotels with at least 15 rooms in New South Wales from March 2005 to June 2015. $\begin{array}{|l|r|l|r|}\hline \begin{array}{l}\text { Quarter- } \\\text { Year }\end{array} & \text { Number } & \begin{array}{l}\text { Quarter- } \\\text { vear }\end{array} & \text { Number } \\\hline \text { Mar-2005 } & 199 & \text { Jun-2010 } & 209 \\\hline \text { Jun-2005 } & 199 & \text { Sep-2010 } & 207 \\\hline \text { Sep-2005 } & 198 & \text { Dec-2010 } & 206 \\\hline \text { Dec-2005 } & 199 & \text { Mar-2011 } & 207 \\\hline \text { Mar-2006 } & 202 & \text { Juп-2011 } & 205 \\\hline \text { Jun-2006 } & 205 & \text { Sep-2011 } & 206 \\\hline \text { Sep-2006 } & 203 & \text { Dec-2011 } & 205 \\\hline \text { Dec-2006 } & 201 & \text { Mar-2012 } & 209 \\\hline \text { Mar-2007 } & 202 & \text { Jun-2012 } & 205 \\\hline \text { Jun-2007 } & 200 & \text { Sep-2012 } & 207 \\\hline \text { Sep-2007 } & 202 & \text { Dec-2012 } & 207 \\\hline \text { Dec-2007 } & 202 & \text { Mar-2013 } & 209 \\\hline \text { Mar-2008 } & 201 & \text { Jun-2013 } & 209 \\\hline \text { Jun-2008 } & 203 & \text { Sep-2013 } & 208 \\\hline \text { Sep-2008 } & 204 & \text { Dec-2013 } & 208 \\\hline \text { Dec-2008 } & 203 & \text { Mar-2014 } & 208 \\\hline \text { Mar-2009 } & 203 & \text { Jun-2014 } & 208 \\\hline \text { Jun-2009 } & 206 & \text { Sep-2014 } & 241 \\\hline \text { Sep-2009 } & 203 & \text { Dec-2014 } & 244 \\\hline \text { Dec-2009 } & 210 & \text { Mar-2015 } & 244 \\\hline \text { Mar-2010 } & 208 & \text { Jun-2015 } & 243 \\\hline\end{array}$ a. Plot the time series.
b. When did the number of licensed hotels with at least 15 rooms in New South Wales grow fastest?

Understand the concept of the fast-second strategy in innovation and its strategic implications.

Examine how technological advances contribute to economic efficiency, including both productive and allocative efficiency.

Understand the nature and consequences of oligopolies including mutual interdependence.

Recognize the role of game theory in analyzing oligopolistic behavior.

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Definitions:

Representativeness Heuristic

A cognitive shortcut that involves judging the probability of an event by its similarity to a prototype.

Cognitive Map

A mental representation of one's physical environment, helping individuals navigate and understand spatial information.

Algorithm

A step-by-step procedure or formula for solving a problem or completing a task in a finite number of steps.

Base-Rate Information

Statistical information about the frequency or prevalence of a phenomenon, event, or characteristic within a given population.