Ramesh Rajak

University of Rochester
Tutor

Biography

I completed my Bachelor's degree is Science (math) from VBU and PGDM from Greater Noida. My first job was an SME (Economics, Math)for Chegg India and then I worked for coursehero as a subject matter expert in same subject. I attempt a question if I am very sure. I like to attempt questions on subjects -economics, statistics and probability.

Education

BS Physics
University of Rochester

Educator Statistics

Numerade tutor for 5 years
1067 Students Helped

Topics Covered

Unlocking Insights: Macroeconomic Data Analysis
The Long-Term Impact of the Real Economy: Insights and Analysis
Understanding the Impact of Money and Prices in the Long Run
Effective Solutions for Your Business Needs
Aqueous Solutions

RAMESH's Textbook Answer Videos

00:44
Microeconomics

Indicate whether the following statements are true or false, and then explain your answers:
a. The marginal revenue from selling another unit of eggs can never be higher than the price of eggs.
b. Because the price a seller charges is always greater than $\$ 0$, the marginal revenue from selling another unit must
also be greater than $\$ 0$.

Chapter 9: Market Power and Monopoly
Ramesh Rajak
09:37
Microeconomics

In Cleveland, Clive sells 15 cloves at a price of $\$ 5$ each. If Clive lowers his price by $10 \%,$ to $\$ 4.50$ per clove, he will sell $16,$ or $6.67 \%$ more. In Dallas, Delores sells 15 cloves for $\$ 5$ each. If Delores lowers her price by $2 \%,$ to $\$ 4.90$, she will sell 16 cloves, or $6.67 \%$ more.
a. Classify the demand curves that Clive and Delores face as elastic or inelastic.
b. Determine the marginal revenue of the 16 th unit for Clive. Then compute the marginal revenue of the 16 th unit for Delores.
c. How does the marginal revenue received by a seller depend on the price elasticity of demand? Explain your
answer.

Chapter 9: Market Power and Monopoly
Ramesh Rajak
04:21
Microeconomics

Juanita maintains the only greenhouse in isolated Point Barrow, Alaska, and therefore has a monopoly on the sale of fresh flowers. Her hired-gun statistician estimates that the elasticity of demand for her flowers is $$-0.5$$. Explain intuitively how you know that Juanita cannot be maximizing profits.

Chapter 9: Market Power and Monopoly
Ramesh Rajak
03:42
Microeconomics

Suppose that econometricians at Hallmark Cards determine that the price elasticity of demand for greeting cards is $$-2 .$$
a. If Hallmark's marginal cost of producing cards is constant and equal to $\$ 1.00$, use the Lerner index to determine what price Hallmark should charge to maximize profit.
b. Hallmark hires you to estimate the price elasticity of demand faced by its archrival, American Greetings.
Hallmark estimates that American's marginal cost of producing a greeting card is $\$ 1.22$. You note that
American's cards sell for an average of $\$ 3.25 .$ Assuming that American Greetings is maximizing profit, calculate
its price elasticity of demand.

Chapter 9: Market Power and Monopoly
Ramesh Rajak
10:26
Microeconomics

Suppose that a monopolistic seller of designer handbags faces the following inverse demand curve: $\dot{P}=50-0.4 Q$ The seller can produce handbags for a constant marginal and average total cost of $\$ 10 .$
a. Calculate the profit-maximizing price for this seller.
b. Suppose the government levies a $$\$ 4$$ tax per unit on sellers of handbags. Calculate how this tax will affect the
price the monopolist charges its customers.
c. Who bears the burden of this tax?

Chapter 9: Market Power and Monopoly
Ramesh Rajak
1 2

RAMESH's Quick Ask Videos

13:26
Microeconomics

What are the main features of an oligopolistic market?

Ramesh Rajak
13:51
Microeconomics

How do oligopolies set their prices?

Ramesh Rajak
07:31
Intro Stats / AP Statistics

A set of Final Examination grades in an Introductory Business Statistics course is normally distributed (aka Z-distribution), with a mean of 73 (µ=73) and a standard deviation of 8 (σ=8).

What is the probability (%, area under Z-curve) that a student scored below 91 on this exam?

What is the probability that a student scored between 65 and 89?

What is the probability that a student scored between 77 and 85?

The probability is 5% that a student taking the test scores higher than what score?

A student was told by his instructor that 90% of his classmates scored at or below his test score. What is his test score?

Ramesh Rajak
02:59
Intro Stats / AP Statistics

A store opens from 8 am to 5 pm. From 8 am until 10 am, customers arrive according to a Poisson process with a rate of 4 per hour. Between 10 am and 12 pm, they arrive at a Poisson rate of 8 per hour. From 12 pm to 2 pm, the arrival rate increases steadily from 8 per hour at 12 pm to 10 per hour at 2 pm; and from 2 pm to 5 pm, the arrival rate drops steadily from 10 per hour at 2 pm to 4 per hour at 5 pm.
(a) Find a probability model for the number of customers that enter the store in a given day.
(b) Find the probability that at least 2 customers arrive at the store during 11 am to 1 pm.
(c) Suppose that this store receives an average benefit of $10 with a standard deviation of $2 from each customer that enters the store. Find the average benefit of this store in a given day, together with its standard deviation.

Ramesh Rajak
03:56
Intro Stats / AP Statistics

A pension fund manager is considering three mutual funds for
investment. The first one is a stock fund, the second is a bond
fund and the third is a money market fund. The money market fund
yields a risk-free return of 4%. The inputs for the risky funds are
given. Stock fund expected return = 10%, standard deviation =15%.
Bond fund expected return =8% and standard deviation =12.5% The
correlation coefficient between the stock and the bond funds is
0.20.
a. what is the expected return and the variance for a portfolio
that invests 60% in the stock fund and 40% in the bond
fund.
b. What is the expected return and the variance for a portfolio
that invests 60% in the stock fund and 40% in the money market.
(the correlation coefficient between the portfolio and the money
market fund is zero.
c. compare the portfolios in parts a and b with a portfolio that
is invested entirely in the bond fund. Discuss the choices of a
risk neutral and a risk averse person.

Ramesh Rajak
03:43
Intro Stats / AP Statistics

The time it takes Alice to walk to the bus stop from her home is normally distributed with a mean of 11 minutes and a variance of 3 minutes squared. The waiting time for the bus to arrive is normally distributed with a mean of 4 minutes and a standard deviation of 1 minute. Her bus journey to the UBC bus loop is a normally distributed variable with a mean of 24 minutes and a standard deviation of 5 minutes. The time it takes Alice to walk from the bus loop to the lecture theatre to attend STAT 251 is normally distributed with a mean of 18 minutes and a variance of 4 minutes squared. The total time taken for Alice to travel from her home to her STAT 251 lecture is normally distributed. Please use R to find probabilities.

Part a) What is the mean travel time (in minutes)?
Part b) What is the standard deviation of Alice's travel time (in minutes, to 2 decimal places)?
Part c) The STAT 251 class starts at 8 am sharp. Alice leaves home at 7 am. What is the probability (to 2 decimal places) that Alice will not be late for her class?

Ramesh Rajak
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