The inverse demand curve for product X is givenby: PX = 25 - 0.005Q + 0.15PY, where PX represents price in dollars per unit, Qre
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Answer:
The gross margin for December is: 0.5%.
The Gross margin of an organisation or business measure the extent by which its income exceeds the costs it incurs in producing its goods and or services.
The gross margin is measured in percentages. The higher the percentage of this margin, the higher the effectiveness of the company's management in deriving value from every dollar invested.
Explanation:
To arrive at Gross Margin, one is required to subtract the total cost of goods sold from total revenue for the period and dividing that number by revenue. That is:
Gross Margin (GM) =
Step I - Calculate Revenue
This is given as the total amount of goods sold which is:
800 x $500 = $400,000
Step II - Calculate Cost of Goods Sold
Cost of goods sold per unit is given as
$250 per unit.
Total Cost of Goods sold therefore is
800 x $250 = $200,000
Step III - Calculate Gross Margin
=
=
= or 0.5%
Cheers!
Answer:
a) ME= 1.93
b) confidence interval= (19.59,23.45)
Explanation:
a) Sample of customers is 64, population standard deviation is 6 and confidence level is 99%
Sample mean= 21.52
Sample size= 64
Confidence level= 99%
Population standard deviation= 6
Standard error of the mean= 0.75
Z-value= -2.5758 (From Z table)
Interval half width= 1.9319
Margin of error at 99% confidence interval is 1.93 from the output.
b) Confidence interval
Interval upper limit= 19.59
Interval lower limit= 23.45
99% confidence interval is (19.59, 23.45) from the output.
ME= = 1.93