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ser-zykov [4K]
2 years ago
7

Suppose that the demand equation for a certain item is 1p+1x2−160=0. evaluate the elasticity at 65:

Mathematics
1 answer:
bekas [8.4K]2 years ago
4 0
Price elasticity is defined as \frac{\Delta(quantity)}{\Delta(price)}.

Here, the question has omitted to define variables, so we will ASSUME
p=price
x=variable,
and we're given
p+x^2-160=0

We calculate
\delta{x}/\delta{p} by implicit differentiation with respect to p:
1+2x (dx/dp)=0
=>
E(x)=(dx/dp)=-1/(2x)

Therefore the price elasticity at x=65 is
E(65)=1/(2*65) =-1/130 (approximately -0.00769)

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Answer:

B.The probability 0+ indicates that the probability is a very small positive value. It indicates that the event is​ possible, but very unlikely.

Step-by-step explanation:

Out of 1009 consumers a sample of 30 consumers is selected and asked the questions. So, the sample size is 30.

n = 30

Based on previous survey, 42% are comfortable with the drone. So in this sample, we can consider the probability of success to be 42%.

p = 42% = 0.42

q = 1 - p = 1 - 0.42 = 0.58

We want to find the probability of getting exactly 24 consumers who are comfortable with drones.

x = 24

Since, the sample size is fixed, the selections are independent and probability of success is constant, we can use the Binomial Probability to answer this problem. All the conditions of a Binomial Distribution are being satisfied.

According to the formula of Binomial Distribution, the probability of getting exactly x success among n trials is given as:

P( X = x )=^{n}C_{x}(p)^{x}(q)^{n-x}

Using the values, we get:

P(X = 24) =^{30}C_{24}(0.42)^{24}(0.58)^{6}= 0.00002

Thus, the probability of getting exactly 24 consumers from a sample of 30 who are comfortable with drones is 0.00002, which is extremely small.

Since, the value of probability is a very small positive number, it indicates that event is possible but very unlikely. An impossible event has probability equal to 0.

Therefore, option B gives the correct answer.

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