Answer:
Cross price elasticity using midpoint method = 0.56
Step-by-step explanation:
Using the mid-point method
Cross-price Elasticity of Demand = <u>% change in Quantity demanded of UPS</u>
% change of price of FedEx
%change in Quantity demanded of UPS
using Mid-point method = <u> Q2-Q1 </u> × 100
(Q1+Q2)÷ 2
= <u>1.3-1.2 </u> × 100
(1.2+1.3)÷2
= <u>0.1 </u> × 100
1.25
= 8%
% change in price of FedEx
using midpoint method =<u> P2-P1 </u>× 100
(P1+P2)÷ 2
=<u> 75-65 </u>× 100
(65+75)÷2
=<u> 10 </u> × 100
70
= 14.28%
Cross-price Elasticity of Demand = 8% ÷ 14.28%
using midpoint method = 0.56
Answer:
Step-by-step explanation:
We would set up the hypothesis test. This is a test of a single population mean since we are dealing with mean
For the null hypothesis,
µ = 17
For the alternative hypothesis,
µ < 17
This is a left tailed test.
Since the population standard deviation is not given, the distribution is a student's t.
Since n = 80,
Degrees of freedom, df = n - 1 = 80 - 1 = 79
t = (x - µ)/(s/√n)
Where
x = sample mean = 15.6
µ = population mean = 17
s = samples standard deviation = 4.5
t = (15.6 - 17)/(4.5/√80) = - 2.78
We would determine the p value using the t test calculator. It becomes
p = 0.0034
Since alpha, 0.05 > than the p value, 0.0043, then we would reject the null hypothesis.
The data supports the professor’s claim. The average number of hours per week spent studying for students at her college is less than 17 hours per week.
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Answer:
Television has been accused of helping people gain weight because it encourages a sedentary lifestyle. Television is like other entertaining activities that can get people to eat more, including reading, listening to the radio, and interacting with dinner mates.
