Suppose the profit maximizing output is 160,000 smart rackets
1 answer:
The attached graph shows the required curves to be drawn. One of the curves is called the Marginal Revenue Curve.
<h3>What is a marginal revenue curve?</h3>At the market price, the marginal revenue curve is a horizontal line, suggesting completely elastic demand, and it is equal to the demand curve.
Monopoly occurs when one corporation is the exclusive vendor of a distinct product in the market.
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Full Question:
The graph shows the market for smart rackets.
Suppose the profit-maximizing output is 160,000 smart rackets.
Draw the firm's marginal revenue curve. Label it MR.
Draw the firm's marginal cost curve. Label it MC.
Draw a point at the profit-maximizing output and price.
Draw a shape to show the firm's economic profit. Label it.
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Answer:
The size of the sample needed = 67.65
Explanation:
Given that :
The margin of error = 10% = 0.10
The confidence level = 90% = 0.90
Level of significance = 1 - 0.90 = 0.10
At ∝ = 0.10
Since the proportion of people that supported him/her is not given, we assumed p = 0.50
The margin of error formula can be expressed as:
Squaring both sides; we have:
n = 67.65
Therefore, the required sample size = 67.65