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Tasya [4]
3 years ago
14

Kate is a florist. Kate can arrange 20 bouquets per day. She is considering hiring her husband William to work for her. Together

Kate and William can arrange 35 bouquets per day. What is William's marginal product?a. 55 bouquets b. 35 bouquets c. 22.5 bouquets d. 15 bouquets
Business
1 answer:
Andrew [12]3 years ago
6 0

Answer:

(d) 15 bouquets

Explanation:

it is given that kate alone can arrange 20 bouquets per day

and it is also given that when Kate and his husband William work together then they arrange 35 bouquets

we have to find the William marginal product

if both together arrange 35 bouquets and Kate alone arrange 20 bouquets it means that 35-20=15 bouquets are arranged by William alone

so the marginal product of William is 35-20=15 so the option will be the correct answer

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Answer:

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Explanation:

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The complete question is as follows:

The admission directory of Big City University has a novel idea. He proposed using the IQ scores of current students as a marketing tool. The university agrees to provide him with enough money to administer IQ tests to 50 students. So the director gives the IQ test to an SRS of 50 of the university’s 5000 freshman. The mean IQ score for the sample is xbar=112. The IQ test he administered is known to have a σ of 15. What is the 95% Confidence Interval about the mean? What can the director say about the mean score of the population of all 5000 freshman?

Answer: The 95% confidence interval about the mean is Confidence interval = 107.84 \leq \mu \leq 116.16.

The director can say that he is 95% confident that the mean IQ score of the 5000 freshmen lies between 107.84 and 116.16.

We follow these steps to arrive at the answer:

Since the population standard deviation of the IQ test is known, we can use the Z scores to find the confidence interval.

The formula for the confidence interval about the mean is:

Confidence interval = \overline{X}\pm Z*\frac{\sigma}{\sqrt{n}}

In the equation above, X bar is known as the point estimate and the second term is known as Margin of Error.

The Critical Value of Z at the 95% confidence level is 1.96.

Substituting the values in the question in the equation above we have,

Confidence interval = \112\pm 1.96*\frac{15}{\sqrt{50}}

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