What characteristics lead to a downward sloping demand curve?

1 answer:

7 0

In economics, the downward sloping demand curve is used to illustrate the law of diminishing marginal utility. This means that if more of the product is consumed, the marginal benefit to the consumer falls. This is also the instance in which the consumers are willing to pay less than the original amount for the same product.

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When Jaylen started high school, 1,430 students attended his school. On the day of his graduation, only 1,001 students attended

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The time for a professor to grade an exam is normally distributed with a mean of 16.3 minutes and a standard deviation of 4.2 mi

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Answer:

62.17% probability that a randomly selected exam will require more than 15 minutes to grade

Step-by-step explanation:

Problems of normally distributed samples are solved using the z-score formula.

In a set with mean $\mu$ and standard deviation $\sigma$ , the zscore of a measure X is given by:

$Z = \frac{X - \mu}{\sigma}$

The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.

In this problem, we have that:

$\mu = 16.3, \sigma = 4.2$