Friendship bracelets sell for $7 each how much will it cost to buy 5 friendship bracelets?
2 answers:
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Answer:
a) Mean = 0.75
b) Standard error = 0.051
c) Yes
Step-by-step explanation:
We are given the following in the question:
Sample size, n = 50
Sample proportion , p = 0.15
a) Mean
b) Standard error
c) Application of central limit theorem
Since the sample size is larger than 30, we cam apply central limit theorem for normal approximation.
Cost function,
Revenue function,
Profit function,
Break point .
Fixed cost $
.
Variable cost $
.
Price of item $
.
Let be the number of items produced and sold.
a) Cost function Fixed cost
variable cost \times number of items
So,
b) Revenue Price of an item
number of items
So,
c) Profit Revenue
Cost
d) <u>Break even point</u>
.
So, the product should be produced for or more items.
Learn more about cost function here: