Starbucks entered the London UK market in May 1998. Consider the company’s location decision along Oxford Street in downtown London between the Marble Arch underground station and the Oxford Circus underground station—a distance of exactly one mile. Suppose on a typical day there are 1,000,000 consumers located along this extremely busy stretch of Oxford Street at some point in the day. Further, suppose the reservation price for the typical Londoner for a cup of Starbucks coffee was £2.00 for which the marginal cost of production was £0.50. In addition, the round trip transportation costs for a typical Londoner walking around London was £1.00 per mile and the fixed costs of setting up an additional Starbucks café equal £10,000. To maximize profit, how many Starbucks would the company locate along this stretch of Oxford Street? Where would they be located? From a social standpoint is this the optimal number of Starbucks to have located along that 1-mile stretch? If not what is the optimal number of Starbucks? What price will Starbucks charge for a cup of coffee? What would be the socially optimal price of a cup of coffee if Starbucks operated the socially optimal number of cafes? If you have been to London, you will realize that these results are fairly consistent with the actual number of Starbucks in downtown London and the actual price too.

the results from a pre-test for students for the year 2000 and the year 2010 are illustrated in the box plot. what do these results tell us about how students performed on the 29 question pre-test for the two years?

if we compare only the lowest and highest scores between the two years, we might conclude that the students in 2010 did better than the students in 2010. this conclusion seems to follow since the lowest score of 8 in 2010 is greater in value than the lowest score of 6 in 2000. also, the highest score of 28 in 2010 is greater in value than the highest score of 27 in 2000.

but the box portion of the illustration gives us more detailed information. the middle bar in each box shows us that the median score of 20 in 2000 is greater in value than the median score of 17 in 2010. further, we note that the box and whiskers divide the illustration into four pieces. each of these four pieces represents the same portion of students. so, the upper half of the students in 2000 scored in the same score range as the upper one-fourth of the students in 2010, see the illustration at a score of 20.

by considering the upper one-fourth, upper half, and upper three-fourths instead of just the lowest and highest scores, we would conclude that the students as a whole did much better in 2000 than in 2010. we would conclude that as a whole the students in 2010 are less prepared than the students in 2000.

in this section, we discuss box-and-whisker plots and the five key values used in constructing a box-and-whisker plot. the key values are called a five-number summary, which consists of the minimum, first quartile, median, third quartile, and maximum.

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d is the answer

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7

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