A household appliances manufacturer has hired you to help analyze their social media datasets to determine which of their refrig
1 answer:
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Answer:
a)
And adding we got:
b)
And replacing we got:
c)
And replacing we got:
Explanation:
Previous concepts
The binomial distribution is a "DISCRETE probability distribution that summarizes the probability that a value will take one of two independent values under a given set of parameters. The assumptions for the binomial distribution are that there is only one outcome for each trial, each trial has the same probability of success, and each trial is mutually exclusive, or independent of each other".
Solution to the problem
Let X the random variable of interest "number of women", on this case we now that:
The probability mass function for the Binomial distribution is given as:
Where (nCx) means combinatory and it's given by this formula:
Part a
For this case we want to find this probability:
And adding we got:
Part b
For this case we want this probability:
And we can use the complement rule and we got:
And replacing we got:
Part c
For this case we want this probability:
And we can use the complement rule and we got:
And replacing we got:
Answer:
a. -1.25
b. -1.25
Explanation:
Price elasticity is used to measure the change in demand as a result of a change in price.
Formula is;
= % change in Quantity/ % change in Price
a. Suppose the price increases from $1.00 to $1.50. The price elasticity of demand is:
% change in Quantity using the midpoint formula;
% Change in Price using midpoint formula
= -0.5/0.4
= -1.25
b. Suppose the price decreases from $1.50 to $1.00. The price elasticity of demand is:
% change in Quantity using the midpoint formula;
% Change in Price using midpoint formula
= 0.5/-0.4
= -1.25