For some reason it keeps telling me my answer is wrong please help.
1 answer:
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Answer:
a) p=0.021
b) p=0.029
c) Exactly one audit: P=0.0965
More than one audit: P=0.0042
Step-by-step explanation:
a) If the income is less than $100,000, there is a probability of 21 in 1,000 of being audited. This is:
If the income is equal or more than $100,000, there is a probability of 29 in 1,000 of being audited. This is:
b) If we have 5 taxpayers with incomes under $100,000, and we want to know the probability that exactly one will be audited, we can model this a binomial randome variable, with p=0.021 and n=5:
There is a probability of 0.0965 that exactly one out of a sample of five taxpayers with incomes under $100,000 will be audited.
To calculate the probability that more than one will be audited, we use the same distribution:
There is a probability of 0.0042 that more than one out of a sample of five taxpayers with incomes under $100,000 will be audited.
Answer: 1) The minimum price, in dollars, to avoid a loss = 22,
2) the maximum price in dollars , to avoid a loss = 53,
3) The price that results the maximum profit = 37.5 dollars
Step-by-step explanation:
Since the given function that shows the total profit,
Where x is the price of the product.
Since for avoiding the loss,
,
⇒
If
If
Thus, 53 ≥ x ≥ 22,
Therefore, the minimum price to avoid the loss = $ 22
And, the minimum price to avoid the loss = $ 53
⇒
Now, For maximum or minimum,
,
⇒
⇒
⇒
For x = 37.5, f''(x) is negative,
Thus, For the price of $ 37.5 dollars the company has the greatest profit.