Two Different Running Shoe Manufacturers Market Running Shoes to First $\frac { 75 } { 62 }$

question 108

Multiple Choice

Two different running shoe manufacturers market running shoes to first time marathon runners.Swift claims a mean shoe life of 600 km,while Enduramax claims a shoe life of 650 km.If the standard deviation for Swift shoes is 54 km and 124 km for Enduramax,which shoe would you purchase before starting your marathon training (where you figure to run 500 km) ? Explain.

• A)Enduramax.Enduramax shoes are - \(\frac { 75 } { 62 }\) standard deviations from the mean while Swift shoes are - \(\frac { 50 } { 27 }\) standard deviations from the mean.
• B)Enduramax.The Enduramax shoes have a longer mean shoe life.
• C)Swift.Swift shoes are - \(\frac { 75 } { 62 }\) standard deviations from the mean while Enduramax shoes are - \(\frac { 50 } { 27 }\) standard deviations from the mean.
• D)Swift.Swift shoes are - \(\frac { 50 } { 27 }\) standard deviations from the mean while Enduramax shoes are - \(\frac { 75 } { 62 }\) standard deviations from the mean.
• E)Enduramax.Enduramax shoes are - \(\frac { 50 } { 27 }\) standard deviations from the mean while Swift shoes are - \(\frac { 75 } { 62 }\) standard deviations from the mean.

Identify factors that influence individual and total producer surplus, including market dynamics and cost structures.

Compare and contrast producer surplus with consumer surplus and total surplus.

Evaluate the effects of market interventions on producer surplus.

Apply the concept of producer surplus to real-world situations involving goods and services.

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Definitions:

Directed Verdict

A legal ruling by a judge, made during a trial, declaring that no reasonable jury could decide in favor of the opposing party based on the presented evidence.

New Trial

A court-ordered repetition of all or part of a legal proceeding, usually due to procedural error, new evidence, or unfair trial.

Judgment Creditor

A creditor who is legally entitled by a court’s judgment to collect the amount of the judgment from a debtor.

Court's Judgment

The final decision made by a judge or court in a legal case, determining the resolution of the dispute.