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2 years ago

A demand curve that is horizontal indicates that the commodity

1 answer:

6 0

When a product has a horizontal demand curve, it means that its elasticity is said to be perfectly elastic. When the price of a perfectly elastic good or service rises above the market price, the amount demanded falls to zero. With perfect elasticity, consumers merely aren’t willing to spend more than a detailed price for a good or service. Meaning that the product has many substitutes.

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Which of the following best describes a Nash equilibrium? An outcome from which one or both competitors can improve their positi

amid [387]

The question is reconstructed below:

Which of the following best describes a Nash equilibrium?

A. An outcome from which one or both competitors can improve their position by adopting an alternative strategy.

B. The unstable outcome of a repeated game.

C. An outcome that is stable only because of credible threats.

D. An outcome which both competitors see as optimal, given the strategy of their rival.

Answer:

D. An outcome which both competitors see as optimal, given the strategy of their rival.

Explanation:

Although Nash equilibrium is a game theory, it has been widely applied in economics. It states that a competitor can achieve his desired outcome by sticking to his original strategy. Both competitors' strategies are optimal when considering the decisions of each other.

8 0

2 years ago

One of the reasons why the AD curve slopes downward is that as theA. Price level rises, purchasing power rises.B. Price level fa

8090 [49]

Answer: Option (B) is correct.

Explanation:

If the price of a commodity decreases, as a result purchasing power of a consumer increases. This is one of the reasons why the AD curve slopes downward.

Suppose there is a fall in the price of a commodity, this will increase the demand for that commodity as well as the purchasing power of the consumer.

Because with a lower price of the commodity, individuals can buy more quantity of goods with the same level of income.

4 0

3 years ago

Which is the main reason why IT professionals need to pursue continuing education and self-directed learning?

kirza4 [7]

Answer:

Explanation:

5 0

3 years ago

Of all customers purchasing automatic garage door openers, 75% purchase chain-driven model. Let X = the number among the next 15

KIM [24]

Answer:

$P(X=x)=C(15,x)\cdot(0.75)^x\cdot(0.25)^{(15-x)}$

Explanation:

The probability mass function (PMF), or frequency function, is the function that gives the probabilities that a discrete random variable take some values.

In this problem, it is requested the frequency function (PMF) for the number of purchasers, among the next 15, who select a chain-driven model.

Then , you need to find, the function that gives P(X=0), P(X=1), P(X=2), P(X=3), . . . up to P(X=15).

Such as any function, the frequency function can be presented as a formula, as a table, or as a graph.

Note that the statement represents a binomial disbribution in which success is that a customer select a chain-driven model and the fail is that a cusotmer does not select a chain-driven model.

The binomial probability for X = the number among the 15 purchasers who select the chain-driven model is given by the formula:

$P(X=x)=C(n,x)\cdot(p)^x\cdot(1-p)^{(n-x)}$

Where:

$C(n,x)=\dfrac{n!}{x!(n-x)!}$

n is the number of times the experiment is performed: 15 in our problem

p is the probability of succes: 0.75 in our problem

1-p is the probability of fail: 0.25 in our problem

Then, substitute:

$P(X=x)=C(15,x)\cdot(0.75)^x\cdot(0.25)^{(15-x)}$

That is the frequency function.

If you want to give it as a table you must find P(X=1), P(X=2), P(X=3), . . . up to P(X=15) using that function. That is not part of the question.

6 0

2 years ago

Which of the following is the MOST cost effective way to pay for college?

Mrrafil [7]

A. You do not have to pay when you have a scholarship.

8 0

3 years ago