The closest to the minimum number of consumers needed to obtain the estimate with the desired precision is (b) 271
Explanation:
When the prior estimate of population proportion is not given , then the formula to find the sample size is given by :-
where E = Margin of error.
z* = Critical z-value.
As per given , we have
E = 5%=0.05
Confidence level = 90%
The critical value of z at 90% is 1.645 (By z-table)
Put all values in the formula , we get
n=0.25(1.645/0.05)²
n=0.25(32.9)²
n=270.6025≈271
Thus, the minimum sample size needed = 271
Hence , the correct answer is 271 .
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Answer:
3
Explanation:
We are asked to use the midpoint formula.
Here, instead of dividing the change in values by the old value as in the normal elasticity calculation, we use the average of the two.
Mathematically:
Price elasticity of demand according to midpoint formula is :
{Q2 - Q1 / (Q2 + Q1) ÷ 2] × 100%} ÷ {[P2 - P1/ (P2 + P1) ÷ 2] × 100}
Price changed from 5 to 7. The midpoint of 5 and 7 is the average = (5+7)/2 = 6
% change in price in this case is (7-5)/6 * 100 = 100/3 = 33.33%
% change in quantity:
We first find the average = (12+4)/2 = 16/2 = 8
% change = (4-12)/8 * 100 = -100%
The elasticity of demand is thus -100/33.33 = 3
105 km/hr is the same as 65.244 miles per hour. You can do this by doing unit conversions until you get the satisfied units. Then you multiply and reduce the fraction. In this case, the answer is 65.244 miles per hour.
