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20. A curious student wanted to determine if there was a difference in the average price of a quarter pound hamburger in the United States and Japan. The student randomly selected 15 McDonald’s restaurants in the United States and 10 McDonald’s restaurants in Japan and recorded the prices of their quarter pound hamburgers. Prices of the quarter pound hamburgers in Japan were converted to U.S. dollars. The data are summarized in the table below.




Calculate a 99 percent confidence interval for the difference in mean price for a quarter pound hamburger in the United States and Japan.

20 A curious student wanted to determine if there was a difference in the average price of a quarter pound hamburger in the United States

Answer :

Answer: A

Explanation:

+ not a -

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Rewritten by : Barada

Inventory Turnover = Cost of Goods Sold / Average inventory

Where,

Cost of goods sold = 4,000 quarter-pound hamburgers each week x $1.00 a pound

COGS = $4,000 per week

Average Inventory = 350 pounds of hamburger

Inventory Turnover = 4000 / 350 = 11.42 times

What does opportunity cost mean?

Opportunity cost is the amount of money or benefits that might have been gained had a decision been made differently. The explicit and implicit expenditures incurred by an organization make up opportunity cost. Opportunity cost aids in the understanding of how decisions may impact profitability for firms.

The phrase "opportunity cost" describes the trade-off made in exchange for some commodity units over other commodity units. For e.g.: Individual X gives up 5 units of Good A to purchase 2 units of Good B. The opportunity cost in this case is represented by the loss of 5 units of commodity A.

Therefore, Cost of goods sold = 4,000 quarter-pound hamburgers each week x $1.00 a pound

COGS = $4,000 per week

Average Inventory = 350 pounds of hamburger

Inventory Turnover = 4000 / 350 = 11.42 times

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