<u>Question 1</u>
The correct answer is: "FALSE".
The total revenue earned by a firm is computed using the formula:
R= price * quantity
According to the formula, if the term "price" increases, R would increase too. But an increase in price usually decreases the amount demanded by consumers of a certain product. Therefore, if quantity demanded drops in a higher proportion than the increase in price, the final total revenue would decrease. So the final effect depends on the size of the two variations.
<u>Question 2</u>
<u>The determinants of demand are the following:</u>
- Price: inversely related to the quantity demanded, as the larger the price the smaller the amount demanded of a product.
- Income of consumers: directly related. The larger the income earned by an economic agent, the larger the amount demanded of a normal good (there are exceptions, such as inferior goods, for which income and demand are inversely related).
- Prices of related goods of services. If two goods are substitutes, the increase on the price of one, decreases the amount demanded of that product but increases the amount demanded of the other product. It two goods are complements, the increase in the price of one good decreases the amount demanded of it, and the amount demanded of the other product too.
- Tastes or preferences of consumers. If a product is in line with the general preferences of consumers the amount demanded will be large.
- Market expectations. For example, if a price is expected to rise, consumers might prefer to buy now and therefore demand increases at the moment.
The total number of ways to select two vehicles is <u>C(12, 2).</u>
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<h3><u>What is a combination?</u></h3>
A combination is a choice made in mathematics from a group of different elements when the order of the choices is irrelevant (unlike permutations).
For instance, if three fruits, such as an apple, an orange, and a pear, are supplied, there are three possible pairings of the two: an apple and a pear; an apple and an orange; or a pear and an orange. Formally speaking, a k-combination of a set S is a subset of S's k unique components. In other words, two combinations are the same if and only if they have the same members.
Learn more about the combination with the help of the given link:
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Look it up, have a great day
The standard deviation is a measure of how far away from the mean each observation deviates from the mean.
What is the standard deviation?
- The standard deviation is a statistic that expresses how much variance or dispersion there is in a group of numbers.
- While a high standard deviation suggests that the values are dispersed over a wider range, a low standard deviation suggests that the values tend to be close to the mean (also known as the anticipated value) of the collection.
- Standard deviation is most usually denoted in mathematical literature and equations by the lowercase Greek letter (sigma), which stands for the population standard deviation, or by the Latin sign s, which stands for the sample standard deviation. The abbreviation for
- standard deviation
- is SD.
- The mean and standard deviation of a normal distribution are both zero.
The mean would be 5 x 0 + 8 = 8.
The standard deviation would be 5 x 1 = 5.
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Answer:
Although a Gurdwara may be called the residence of the Guru (meaning the residence of God), Sikhs believe that God is present everywhere. Before the time of Guru Arjan Dev, the place of Sikh religious activities was known as a Dharamsala, which means place of faith
