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MA_775_DIABLO [31]
2 years ago
7

Suppose that in the market for ice cream the elasticity of supply is equal to 1.50. How would a 10% increase in the price of ice

cream affect the quantity of ice cream supplied?
Mathematics
1 answer:
Dmitriy789 [7]2 years ago
5 0

The quantity will decline by 15%.

<u>Step-by-step explanation:</u>

Elasticity of Demand = % Change in quantity / % Change in price

ð 1.50 = % change in quantity / 10

ð Percentage change in quantity = 15%

Percentage change in quantity shows an inverse relation with respect to the percentage change in price. In this case of ice-cream, a 10% jump in the price will result the quantity to fall by 15%.

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A manufacturing company produces steel housings for electrical equipment. The main component part of the housing is a steel trou
Mrrafil [7]

Answer:

Check the explanation

Step-by-step explanation:

(a)

H0: Population mean = 8.46

H1: Population mean is not equal to 8.46

The test statistic (t) is given by the following expression -

{t=\frac{\overline{x}-\mu_0}{s/\sqrt{n}}}

We have calculated the sample mean (8.421) and sample standard deviation (0.0461). Therefore, the test statistic (t) will be -

t = (8.421 - 8.46)/(0.0461/sqrt(49)) = -5.92

The left-sided critical value from t-distribution (two-tailed) is -2.01. Thus the test statistic falls in the rejection region and we reject the null hypothesis at 95% confidence level and conclude that the population mean is different from 8.46 inches.

(b)

There are the following four assumptions for a single sample t-test.

The observations are in ratio scale.

The observations have been taken in such a manner that every single observation is independent and uncorrelated from the others.

There should not be any significant outliers in the sample observations.

The sample data should be approximately normal.

(c)

The first assumption is true as the data is in inches. The second assumption cannot be tested now. It will depend upon the situation and study design which we assume as correct in this case. The third assumption is checked by plotting a box plot and finding the outliers. The final assumption can be checked using the Anderson-Darling normality test.

Kindly check the graphical table in the attached images below.

(d)

The data is normal (the p-value of Anderson-Darling test in > 0.05). However, two points in the Box plot are outliers though not grossly different from the entire sample data set. So, we conclude that the assumptions are valid in this case for conducting the t-test.

7 0
2 years ago
There are three choices of jellybeans - grape ,cherry and orange. if the probability of getting a grape is 3/10 and the probabil
muminat

When looking at probabilities, two ideas are always true.

1) Any probability is more than 0.

2) The sum of all the probabilites is 1.

Idea #2 works here. (For example, think of how a die has six things and the probability of each is 1/6. So 1/6 + 1/6 + 1/6 + 1/6 + 1/6 + 1/6 = 1.) Let G = the probability of grape, C = probability of cherry and O = the probability of orange. From Idea #2, G + C + O = 1. Since we know G and C, then

3/10 + 1/5 + O = 1.

3/10 + 2/10 + O = 1

5/10 + O = 1

O = 5/10

Thus, the probability of an orange jelly bean is 5/10 = 1/2.

6 0
2 years ago
You begin your first day as a police officer earning $30,000/yr. Assuming that you obtain a full 5% increase each year, what wil
spayn [35]

Answer:

The equation for the amount of salary after x number of years is given by:

y = a(1+r)^x

where

a is the initial amount

x represents the number of years and

r represents the growth rate( in decimal)

As per the statement:

You begin your first day as a police officer earning $30,000/yr

⇒ a= 30,000

It is also given that you obtain a full 5% increase each year,

⇒r = 5\% = 0.05

then;

y = 30,000(1+0.05)^x    

y = 30,000(1.05)^x       ....[1]

we have to find the salary in three years.

⇒x = 3

Substitute this value in [1] we have

y = 30,000(1.05)^3

Simplify:

y = \$ 34,4728.75

therefore, your salary be in three years will be $34,4728.75

3 0
2 years ago
Read 2 more answers
Jeanine’s swimming pool has a diameter of 27 feet. Surrounding the pool is a
Anuta_ua [19.1K]

Answer:

It will cost $427.04 to paint deck and it will cost 958.485 to add fencing around deck

Step-by-step explanation:

Diameter of swimming pool = 27 feet

Radius of pool r=\frac{27}{2}=13.5 feet

Surrounding the pool is a  deck that extends 5 feet from the edges of the pool

Outer radius R = 13.5+5=18.5

Area of deck = Outer area - Inner area

Area of deck =\pi R^2 -\pi r^2

Area of deck = 3.14(18.5^2-13.5^2)

Area of deck = 502.4 ft^2

Cost of painting 1 sq.feet = $0.85

Cost of painting 502.4 sq.feet = 502.4 \times 0.85=427.04

Perimeter of deck = 2 \pi R = 2 \times 3.14 \times 18.5 =116.18 feet

Cost of fencing 1 foot = $8.25

Cost of fencing 116.18 foot = 116.18 \times 8.25=958.485

Hence it will cost $427.04 to paint deck and it will cost 958.485 to add fencing around deck

6 0
2 years ago
Which of the following is equivalent to RootIndex 5 StartRoot 13 cubed EndRoot? 132 1315 13 Superscript five-thirds 13 Superscri
worty [1.4K]

Answer:

c on ed

Step-by-step explanation:

7 0
2 years ago
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