1. (2.5 marks) In the market of cars, there are two firms operating. The Industry Demand Curve
is a function of the outputs being produced by both firms, and is given as: P = 240–(X1+X2),
where X, and X2 are the outputs of Firm 1 and Firm 2 respectively. The Total Cost faced
by Firm 1 is TC1 = 20.X1 and by Firm 2 is TC2 = 20X2. Each firm maximizes its own profit
by choosing its own output, while taking the output of the other firm as given. Write down
the profit function of each firm, and find the level of output for each firm that will maximize
its profit. What are the corresponding levels of prices and profits for each firm?

On average, someone with a bachelor's degree is estimated to earn times more than someone with a high school diploma. a)1.2 b)1.4 c)1.6 d)1.8

Which is cheaper: eating out or dining in? the mean cost of a flank steak, broccoli, and rice bought at the grocery store is $13.04 (money. msn website, november 7, 2012). a sample of 100 neighborhood restaurants showed a mean price of $12.75 and a standard deviation of $2 for a comparable restaurant meal. a. develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than fixing a comparable meal at home. b. using the sample from the 100 restaurants, what is the p-value? c. at a = .05, what is your conclusion? d. repeat the preceding hypothesis test using the critical value approach

An attorney came to work on a saturday. when he signed in, he was advised by the morning security guard employed by the building management that he must be out of the building by 5 p. m., when it closes. however, he stayed past 5 p. m. to complete a brief that had to be filed on monday morning. at 5: 15 p. m., the afternoon security guard set the locks on all the doors of the building and left. because she was in a hurry, she did not check the sign-in sheet to make sure that everyone had signed out, contrary to mandatory procedures. when the attorney tried to exit 15 minutes later, he discovered that the doors were all locked and could not be opened from the inside. he used his cell phone to call for , and a supervisor from the building arrived and let him out shortly thereafter. if the attorney sues the building management for false imprisonment, is he likely to win?