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Ganezh [65]
3 years ago
13

Marketing Chapter 3 Test Questions

Mathematics
1 answer:
butalik [34]3 years ago
6 0

Step-by-step explanation:

1.) The average nightly ticket sales can be calculated as

Average sales = Average no. of customers per night x Charge per ticket

For the second night, we have

$1750 = (N)($7)

This gives us N = 250.

So, the average number of customers decreased as a result of the price increase.

To calculate the percentage change, we use the following formula:

% change = \frac{250 -300}{300} X 100

We have -17% change in the average number of customers the theater has each night. The negative sign indicates a decrease in the number, which is consistent with our calculations.

2.) % change in prices = \frac{Final price - Initial price}{Initial price} X100

Therefore, we have 40% change in the cost of ticket per person, which reflects an increase in the prices.

3.) Elasticity of Demand = \frac{ percentage change in quantity demanded}{percentage change in price}

Hence, we have \frac{-17}{40} = -0.425

This stands consistent with the Law of Demand - as the price increases, the quantity demanded decreases.

4.) Market price is obtained by looking for a point where the quantity supplied equals the quantity demanded. From the table we see that at $75 price, there is a demand for 45,000 units of that product in that market, which the suppliers are willing to supply. Hence, that defines the market price for that product.

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Past experience has indicated that the breaking strength of yarn used in manufacturing drapery material is normally distributed
vlabodo [156]

Answer:

95% two-sided confidence interval on the true mean breaking strength is (94.8cm, 99.2cm)

Step-by-step explanation:

Our sample size is 11.

The first step to solve this problem is finding our degrees of freedom, that is, the sample size subtracted by 1. So

df = 11-1 = 10.

Then, we need to subtract one by the confidence level \alpha and divide by 2. So:

\frac{1-0.95}{2} = \frac{0.05}{2} = 0.025

Now, we need our answers from both steps above to find a value T in the t-distribution table. So, with 10 and 0.025 in the two-sided t-distribution table, we have T = 1.812

Now, we find the standard deviation of the sample. This is the division of the standard deviation by the square root of the sample size. So

s = \frac{4}{\sqrt{11}} = 1.2060

Now, we multiply T and s

M = Ts = 1.812*1.2060 = 2.19/tex]For the lower end of the interval, we subtract the sample mean by M. So the lower end of the interval here is[tex]L = 97 - 2.19 = 94.81 = 94.8cm

For the upper end of the interval, we add the sample mean and M. So the upper end of the interval here is

L = 97 + 2.19 = 99.19 = 99.2cm

So

95% two-sided confidence interval on the true mean breaking strength is (94.8cm, 99.2cm).

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Step-by-step explanation:

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