The closest to the minimum number of consumers needed to obtain the estimate with the desired precision is (b) 271
Explanation:
When the prior estimate of population proportion is not given , then the formula to find the sample size is given by :-
where E = Margin of error.
z* = Critical z-value.
As per given , we have
E = 5%=0.05
Confidence level = 90%
The critical value of z at 90% is 1.645 (By z-table)
Put all values in the formula , we get
n=0.25(1.645/0.05)²
n=0.25(32.9)²
n=270.6025≈271
Thus, the minimum sample size needed = 271
Hence , the correct answer is 271 .
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Answer: b). falls from a positive amount to another positive amount
Explanation: Given that diet coke and diet pepsi give the consumer equal level of satisfaction. Diet coke and diet pepsi are substitutes, since, the consumer does not care about consuming diet pepsi and diet coke. For substitute goods the consumer will buy the cheapest of the two. When pdc (price of diet coke) rises but it remains less than pdp(price of diet pepsi) then the consumption of dc will decrease but it will still be above the consumption of dp. Since it is still relatively less expensive than diet pepsi. So the consumer will buy diet coke than diet pepsi, which means consumption of diet coke, dc falls from one positive amount to another positive amount.
Answer:
Jamal
Explanation:
Given that
Number of required slides = 50 slides
Creating slides Per hour = 15 slides
Bill amount per hour = $750
So by considering the above information, Bette's opportunity cost of creating slides would be
= Bill amount per hour ÷ creating slides per hour
= $750 ÷ 15 per hour
= $50
For making 50 slides, the opportunity cost would be
= $50 × 50 slides
= $2,500
And, Jamal opportunity cost is 30% lower, so it would be
= $50 - $50 × 30%
= $50 - $15
= $35
And, the billing rate is 25% higher, so it would be
= $750 + $750 × 25%
= $750 + $187.50
= $937.50
So in one hour, it would be
= $937.50 ÷ 35 slides
= 26 slides
Based on the creating slides, the Jamal gains a competitive advantage over Bette
Answer:
a. 62.5
b. 60%
c. $160,000; $352,000
Explanation:
a. Price Index = (Price in year of interest/ Price in Base year) * 100
= (10/16) * 100
= 62.5
b. Rose from 62.5 in 1984 to 100 in 2005
= (100 - 62.5)/62.5
= 60%
c. Using 2005 as the Base year means that the Real GDP will be based on 2005 prices.
Real GDP 1984
= 10,000 buckets * 16
= $160,000
Real GDP 2005
= 22,000 * 16
= $352,000
