Answer:
The probability more than 72% of the cardholders are carrying a balance is 0.2946
Explanation:
Test statistic (z) = (p' - p) ÷ sqrt[p(1-p) ÷ n]
p' is the sample proportion = 0.72
p is the population proportion = 0.74
n is the number of cardholders sampled = 140
z = (0.72 - 0.74) ÷ sqrt[0.74(1-0.74) ÷ 140] = -0.02 ÷ 0.037 = -0.54
The cumulative area of the test statistic is the probability that less than 72% of the cardholders are carrying a balance. The probability is 0.7054.
Probability (more than 72% of the cardholders are carrying a balance) = 1 - 0.7054 = 0.2946
Answer:
$5,400
Explanation:
The computation of real gross domestic product is shown below:-
Goods Price base year Quantity current year Expenditure
2012 2013
A $2.00 600 $1,200
($2.00 × 600)
B $4.00 900 $3,600
($4.00 × 900)
C $2.00 300 $600
($2.00 × 300)
Real Gross domestic product $5,400
Therefore, Real GDP is the sum value of all the final goods and services generated by an economy in a given year, which accounts for inflation. The estimate is based on the prices of a selected base year.
Answer:
The correct answer is the demand has increased.
Explanation:
At the market price of $5/unit, the quantity demanded is 20 units.
Last year at the price level of $4, the quantity demanded was 20 units.
We see that even though the price has increased the quantity demanded is the same. This indicates that the demand has increased.
When there is an increase in the demand for a commodity, the demand curve moves to the right. This upward or rightward shift in the demand curve will cause the price of the commodity to increase. Though the quantity demanded will be the same.
Answer:
31.43 years
Explanation:
The number of years can be calculated using growth rate formula
yf = yi ( 1 + r) ^ t where yf is the final population, yi is the initial population, r is the rate in % and t is the number of years
yi = 50, yf = 1000, r = 10% and t = ?
substitute the values into the formula
1000 = 50 ( 1 + (10/100)) ^ t
divide both side by 50
1000/ 50 = 1000/50 ( 1.1) ^t
20 = (1.1) ^t
take log of both side
log 20 = t log 1.1 ( remember log a^b = b log a)
divide both side by log 1.1
log 20 / log 1.1 = t
t = 31.43 years
