A group of ten UIC professors each contributed an equal amount to the purchase of a State of Illinois Lottery ticket. Two of the
1 answer:
Answer:
Total cost of Ticket = $96
Explanation:
Provided information,
Total number of people buying lottery ticket in a joint contribution = 10
Two people withdraw being short of funds, therefore people buying such ticket = 8
Revised share increase by $2.40 each.
Total increase = $2.40 8 = $19.20
Just because 2 people withdraw, thus earlier contribution per person = $19.20/2 = $9.60
Therefore, total cost of ticket = $9.60 10 = $96
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Answer:
20 years (scenario A) and 16 years (scenario B)
Explanation:
The real GDP will double in "n" number of years, with "n" estimated by interpolation using the formula below.
In the solutions below, we assumed current GDP to be 1, and as a result, the GDP will double to 2.
Scenario A
When you substitute 20 for "n" in the left hand side (LHS) of the equation, you will arrive at 1.99 which is approximately equal to 2. Any number below 20 will result in a number less than 2.
Thus, with an average annual real GDP growth rate of 3.5%, real GDP will double in about 20 years.
Scenario B
When you substitute 16 for "n" in the left hand side (LHS) of the equation, you will arrive at 2.02 which is approximately equal to 2. Any number below 16 will result in a number less than 2.
Thus, with an average annual real GDP growth rate of 4.5%, real GDP will double in about 16 years.
Answer:
The correct answer is option d.
Explanation:
An increase in the supply of a product will cause the supply curve to shift to the right. This rightward shift will cause the demand curve and supply curve to intersect at a lower price.
This will cause the quantity demanded of the product to increase and the price of the product to decrease.
A decrease in the supply will cause the quantity demanded to decrease and price to increase.
The effect of supply increase is indicated through the given figure.
