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Bus 640 Managerial Economics dq2

Question # 00000306
Subject: Economics
Due on: 08/08/2013
Posted On: 08/05/2013 12:48 PM

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To save on gasoline expenses, Edith and Mathew agreed to carpool together for traveling to and from work. Edith preferred to travel on I-20 highway as it was usually the fastest, taking 25 minutes in the absence of traffic delays. Mathew pointed out that traffic jams on the highway can lead to long delays making the trip 45 minutes. He preferred to travel along Shea Boulevard, which was longer (35 minutes), but rarely had traffic jams. Edith agreed that in case of traffic jams, Shea Boulevard was a reasonable alternative. Neither of them knows the state of the highway ahead of time.
After driving to work on the I-20 highway for 1 month (20 workdays), they found the highway to be jammed 3 times. Assuming that this month is a good representation of all months ahead, should Edith and Mathew continue to use the highway for traveling to work?
How would you conclusion change for the winter months, if bad weather makes it likely for traffic jams on the highway to increase to 6 days per month?
How would your conclusion change if Mathew purchased a new smart-phone app that could show the status of the highway traffic prior to their drive each morning, thus reducing the probability of them getting into a jam down to only 1day per month (where on this day, the app showed no traffic jam, but a jam developed in the meantime as they were driving along the highway).

Guided Response:
In 300 words or more, please, provide your response to the above discussion question. Please, show all your calculations and explain your answers. Further, comment on how the conclusions of this problem will change if there was no uncertainty and the highway always had traffic jams, whereas Shea Blvd was always traffic jam free? Is this scenario realistic and why? Respond substantively to at least two of your classmates’ postings

Tags economics managerial highway traffic jams month mathew edith change work minutes shea delays driving conclusion months response ahead boulevard traveling agreed travel preferred getting scenario probability 1day showed meantime developed clamates postings

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Bus 640 Managerial Economics dq2

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Posted On: 08/07/2013 02:52 AM
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Tutorial Preview …drive xxxx morning, xxxx reducing the xxxxxxxxxxx of them xxxxxxx into x xxx down xx only 1day xxx month (where xx this xxxx xxx app xxxxxx no traffic xxxx but a xxx developed xx xxx meantime xx they were xxxxxxx along the xxxxxxxx Answer x xxxxx are xxxxxxx of uncertainty xxxx potential outcomes xxx not xxxxxxxxxxx xx there xx…
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Bus_640_Managerial_Economics_dq2.docx (13.81 KB)
Preview: winter xxxxxx because xxxx will continue xx save time xx They xxxx xxxx 80 xxxxxxx of time xxxxxx the highway xxxxxx winter xxxxxx xxxxxxx would xxxx conclusion change xx Mathew purchased x new xxxxxxxxxxx xxx that xxxxx show the xxxxxx of the xxxxxxx traffic xxxxx xx their xxxxx each morning, xxxx reducing the xxxxxxxxxxx of xxxx xxxxxxx into x jam down xx only 1day xxx month xxxxxx xx this xxxx the app xxxxxx no traffic xxxx but x xxx developed xx the meantime xx they were xxxxxxx along xxx xxxxxxxx There xxxxx be change xx conclusion Shea xxxxxxxxx can xx xxxxx by xxxxx and Mathew xx days where xxxx know xxxx xxxxxxxx is xxxxx of the xxxx Non-Winter   1 xxxx (workdays) x xx minutes x 45 minutes   xx workdays (highway) x 25 xxxxxxx x 425 xxxxxxxxxxxx workdays (Shea xxxxxxxxxx * 35 xxxxxxx = xxxx xxxxx = xxx minutes compared xxxx 20 workdays x 35 xxxxxxx x 700 xxxxxxx.....
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