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Question: A firm finds that the demand for its product can be represented mathematically as:
Qd = 1000 - 5P
where Qd is the number of units of the product demanded by customers and P is the selling price.
(a) Construct a graph for a price between 0 and 200.
(b) Comment on the shape of the graph. Why does the line slope downwards?
(c) If we define revenue as quantity sold times price, obtain an equation for revenue.
(d) Draw a graph of this revenue equation.
(e) What price should the firm charge in order to maximise revenue?
Describe the overall shapes of these distributions.- How do the distributions differ?- Look carefully at the bar definitions. Where do these plots violate the rules for statistical graphs?
American food will cause an increase in weights. Use the .01 significance level. A random sample of 11 international students is chosen for the study. What is your conclusion?
Refer to given Example, in which for a sample of 1003 American adults, .56 was the proportion who think that it is somewhat or very likely that intelligent life exists elsewhere. Compute a 99% confidence interval for the population proportion.
The university policy department must write, on average, five tickets per day to keep department revenues at budgeted levels. Suppose the number of tickets written per day follows a Poisson distribution with mean of 6.0 tickets per day. Find the p..
A random sample of 10 diners gives an average rating of 96 and standard deviation of 1. What should be Vrinat's posterior distribution of average rating.
Is there sufficient evidence for one to claim that in general, rugby players have a higher BMI than the multisport men? Perform the test at the 0.01 level of significance.
According to a recent study,9.3 % of high school dropouts are 16- to 17-year-olds. In addition,6.5 % of high school dropouts are white16- to17-year-olds. What is the probability that a randomly selected dropout is white, given that he or she is 16..
If you expect Summit's dividend to grow by 5.7% per year, what is its price per share if its equity cost of capital is 10.2%?
With such a large number of people using text messages as a means of communication, a company is interested in determining the number of work hours.
If the estimate is to be within 8 mpg of the true mean with 98% confidence and the estimated standard deviation is 22 mph, how large a sample size must be taken?
a study was conducted by enron research to test for a difference inthe mean number of critical care patients in rooms
Starbucks regularly introduces new coffee drinks and attempts to evaluate how these drinks fare by estimating the price its franchises can charge for them and sell enough cups to justify marketing the drink.
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