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1 year ago

If monopolistic competitors must expect a process of entry and exit like perfectly competitive firms,.

1 answer:

6 0

If monopolistic competitors must expect a process of entry and exit like perfectly competitive firms, they will be unable to earn higher-than-normal profits in the long run.

<h3>What is a monopolistic competition?</h3>

A monopolistic competition is an industry characterised by many sellers of differentiated goods and services. A monopolistic competition has characteristics of both a monopoly and a perfect competition. A monopolistic competition sets the price for its goods and services. A monopolistic competition makes economic profit in the long run. An example of monopolistic competition are restaurants

A perfect competition is an industry characterized by many buyers and sellers of identical goods and services. Market prices are set by the forces of demand and supply. In the long run, firms earn zero economic profit due to no barriers to the entry and exit of firms.

Here are the options:

A. they will be unable to earn higher-than-normal profits in the short run. O B. they will wish to cooperate to make decisions about what price to charge.

OC. they will wish to cooperate to make decisions about what quantity to produce.

O D. they will be unable to earn higher-than-normal profits in the long run.

To learn more about monopolistic competition, please check: brainly.com/question/21052250

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a. The point estimate of the married people that sleep well is = 0.6299. The confidence interval for the mean hours of sleep for those that have never been married but report good sleep is 0.6186, 0.6412

b. The point estimate of the number of hours for people that have never been married = 7.2257

95% confidence interval for the mean number of hours of sleep for those who have never been married = 7.2065, 7.2447

c. the estimated number of sleep for those that have never been married = 7.729 hours

a. The point estimate

$P=\frac{Xp}{n}$

$Xp = successes\\n = sample size\\$

Those who have never been married n = 7044

Xp = those who sleep for 7 hours at least

To get Xp, the <u>excel function </u>

Countif(range, criteria)

Countif(A:A, >=7)

This gives Xp = 4437

Point estimate =

$\frac{4477}{7044}$

= 0.6299

The point estimate of the married people that sleep well is = 0.6299

At 95% interval of confidence,

α = 1-0.95 = 0.05

α/2 = 0.05/2 = 0.025

Z0.025 = 1.96 ( Use the standard probability normal table)

Margin of Error

= $M.E = 1.96\sqrt \frac{0.6299(1-0.6299)}{7044} \\\\= 1.96\sqrt{0.000033} \\\\1.96*0.0057$

= 0.0113

The 95% confidence interval

= 0.6299 - 0.0113 , 0.6299 + 0.0113

= 0.6186, 0.6412

The confidence interval for the mean hours of sleep for those that have never been married is 0.6186, 0.6412

b. Sample mean

x = ∑x/n

x = number of sleep of the never been married

Mean is calculated using excel function

Average(range)

Average(a:a)

This gives the sample mean = 7.2257

The point estimate of the number of hours for people that have never been married = 7.2257

<u>Standard deviation</u> using excel =

Stdev(A:A) = 0.8211

$Margin of error =1.96*\frac{0.8211}{\sqrt{7044} }$

= 0.0192

The<u> confidence interval</u> =

= 7.2257-0.0192, 7.2257+0.0192

= 7.2065, 7.2447

95% confidence interval for the mean number of hours of sleep for those who have never been married = 7.2065, 7.2447

c. From the available data, the mean number of sleep per day that is gotten from the 4437 people that are unmarried and sleep healthily for at least 7 hours = 34295.1

Mean = 34295.1/4437

= 7.729

the estimated number of sleep for those that have never been married = 7.729 hours

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"The price of coffee increases by 10%, and as a result, Alex purchases fewer donuts. This suggests that to Alex, coffee and donu

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Complementary goods are goods that are demanded for together or consumed together. If the demand for one of the complementary goods increases, the demand for the other good increases and vice versa.

If the price of coffee increases by 10%, the demand for coffee and doughnut would fall according to the law of demand.

I hope my answer helps you.

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