A department store sells sport shirts in three sizes (small, medium, and large), three patterns (plaid, print, and stripe), and two sleeve lengths (long and short). The accompanying table gives the proportions of shirts sold in the various category combinations.

Short-sleeved
Pattern
Size Pl Pr St
S 0.04 0.02 0.05
M 0.07 0.10 0.12
L 0.03 0.07 0.08
Long-sleeved
Pattern
Size Pl Pr St
S 0.03 0.02 0.03
M 0.06 0.07 0.07
L 0.04 0.02 0.08

(a) What is the probability that the next shirt sold is a medium, long-sleeved, print shirt?
(b) What is the probability that the next shirt sold is a medium print shirt?
(c) What is the probability that the next shirt sold is a short-sleeved shirt?
What is the probability that the next shirt sold is a long-sleeved shirt?
(d) What is the probability that the size of the next shirt sold is a medium?
What is the probability that the pattern of the next shirt sold is a print?
(e) Given that the shirt just sold was a short-sleeved plaid, what is the probability that its size was medium?
(f) Given that the shirt just sold was a medium plaid, what is the probability that it was short-sleeved? What is the probability that it was long-sleeved?

Amachine purchased three years ago for $720,000 has a current book value using straight-line depreciation of $400,000: its operating expenses are $60,000 per year. a replacement machine would cost $480,000, have a useful life of nine years, and would require $26,000 per year in operating expenses. it has an expected salvage value of $130,000 after nine years. the current disposal value of the old machine is $170,000: if it is kept 9 more years, its residual value would be $20,000. calculate the total costs in keeping the old machine and purchase a new machine. should the old machine be replaced?

Consider how health insurance affects the quantity of health care services performed. suppose that the typical medical procedure has a cost of $160, yet a person with health insurance pays only $40 out of pocket. her insurance company pays the remaining $120. (the insurance company recoups the $120 through premiums, but the premium a person pays does not depend on how many procedures that person chooses to undergo.) consider the following demand curve in the market for medical care. use the black point (plus symbol) to indicate the quantity of procedures demanded if each procedure has a price of $160. then use the grey point (star symbol) to indicate the quantity of procedures demanded if each procedure has a price of $40. q d at p=$160 q d at p=$40 0 10 20 30 40 50 60 70 80 90 100 200 180 160 140 120 100 80 60 40 20 0 price of medical procedures quantity of medical procedures demand if the cost of each procedure to society is truly $160, the quantity that maximizes total surplus is procedures. economists often blame the health insurance system for excessive use of medical care. given your analysis, the use of care might be viewed as excessive because consumers get procedures whose value is than the cost of producing them.

The wall street journal reported that walmart stores inc. is planning to lay off 2,300 employees at its sam's club warehouse unit. approximately half of the layoffs will be hourly employees (the wall street journal, january 25-26, 2014). suppose the following data represent the percentage of hourly employees laid off for 15 sam's club stores. 55 56 44 43 44 56 60 62 57 45 36 38 50 69 65 (a) compute the mean and median percentage of hourly employees being laid off at these stores. (b) compute the first and third quartiles. (c) compute the range and interquartile range. (d) compute the variance and standard deviation. (e) do the data contain any outliers? (f) based on the sample data, does it appear that walmart is meeting its goal for reducing the number of hourly employees?