30-minute launch window opens at 10:56 p.m.
Answer:
3
Explanation:
We are asked to use the midpoint formula.
Here, instead of dividing the change in values by the old value as in the normal elasticity calculation, we use the average of the two.
Mathematically:
Price elasticity of demand according to midpoint formula is :
{Q2 - Q1 / (Q2 + Q1) ÷ 2] × 100%} ÷ {[P2 - P1/ (P2 + P1) ÷ 2] × 100}
Price changed from 5 to 7. The midpoint of 5 and 7 is the average = (5+7)/2 = 6
% change in price in this case is (7-5)/6 * 100 = 100/3 = 33.33%
% change in quantity:
We first find the average = (12+4)/2 = 16/2 = 8
% change = (4-12)/8 * 100 = -100%
The elasticity of demand is thus -100/33.33 = 3
Answer:
a. H0 : U ≥ 15
Ha : U < 15
b. Type I error is incorrectly conclude that the pain is reduced in less than 15 minutes.
c. Type II error is fail to conclude that time for pain reduction is less than 15 mints when actually its less than 15 minutes.
Explanation:
Null hypothesis is a statement that is to be tested against the alternative hypothesis and then decision is taken whether to accept or reject the null hypothesis.
Type I error is one in which we reject a true null hypothesis.
Type II error is one in which we fail to reject the null hypothesis that is actually false.
Answer:
People often use the terms free enterprise, free market, or capitalism to describe the economic system of the United States. A free enterprise economy has five important characteristics. They are: economic freedom, voluntary (willing) exchange, private property rights, the profit motive, and competition
Explanation:
People often use the terms free enterprise, free market, or capitalism to describe the economic system of the United States. A free enterprise economy has five important characteristics. They are: economic freedom, voluntary (willing) exchange, private property rights, the profit motive, and competition
Answer:
Production budget for First quarter= 16,500 units
Explanation:
<em>The production budgeted for a particular period is the expected units to be produced after adjusting the sales budget figures for opening and closing inventories. </em>
Production = Sales volume + closing inventory - opening inventory
Closing inventory = 20% × second quarter sales
= 20% × 20,000 = 4,000 units
<em />
<em>Production budget for the first quarter</em>
=17,000 + 4000 -4500
= 16,500 units