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A monopolist sells 2,000 units for $20 each. The total cost of 2,000 units is $30,000. If the price falls to $19, the number of
1 answer:
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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 .
Answer:
A) 40
Explanation:
The chart is not very clear, but the information included is:
- it takes four hours to produce one shirt
- it takes two hours to produce one pair of socks
If the total number of labor hours is 80, then the maximum number of socks produced will = 80 hours / 2 hours per pair of socks = 40 pairs of socks
The total number of shirts produced would be 20.
