Will Shakespeare is a struggling playwright in sixteenth-century London. As the price he receives for writing a play increases,
he is willing to write more plays. For the following situations, use a diagram to illustrate how each event affects the equilibrium price and quantity in the market for Shakespeare's plays.
A) The playwright Christopher Marlowe, Shakespeare's chief rival, is killed in a bar brawl.
B) The bubonic plague, a deadly infectious disease, breaks out in London.
C) To celebrate the defeat of the Spanish Armada, Queen Elizabeth declares several weeks of festivities, which involve commissioning new plays.
A) The playwright Christopher Marlowe, Shakespeare's chief rival, is killed in a bar brawl.
B) The bubonic plague, a deadly infectious disease, breaks out in London.
C) To celebrate the defeat of the Spanish Armada, Queen Elizabeth declares several weeks of festivities, which involve commissioning new plays.
1 answer:
Answer:
A - increased equilibrium price and quantity.
B - decrease in equilibrium price and quantity.
C - increase in equilibrium price and quantity
Explanation:
A the demand for Shakespeare play will increase because of death of Marlowe which means price of Marlowe plays would increase because of short supply and this would cause an indirect increase in price of Shakespeare plays which results in rightward shift of demand curve for Shakespeare play thereby increasing equilibrium price and quantity.
B a lot of population would deter from seeing Shakespeare plays to avoid contracting diseases which cause drop in demand and demand curve would shift to the left thereby causing equilibrium price to decrease.
C the queens commissioning of new plays for the festival weeks would increase demand for Shakespeare plays at any given price which would cause rightward shift of demand curve resulting in increased equilibrium price.
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Answer:
a)
And we can use excel or the normal standard table to find this probability:
b)
And we can use excel or the normal standard table to find this probability:
c)
And we can use excel or the normal standard table to find this probability:
Explanation:
Previous concepts
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".
Part a
Let X the random variable that represent the scores for critical reading of a population, and for this case we know the distribution for X is given by:
Where and
We select a sample of size n=90, since the distribution for X is normal then the distribution for the sample size is also normal
And for this case we want this probability:
And for this case we can use the z score given by:
And if we use this formula we got:
And we can use excel or the normal standard table to find this probability:
Part b
Let X the random variable that represent the scores for Math of a population, and for this case we know the distribution for X is given by:
Where and
We select a sample of size n=90, since the distribution for X is normal then the distribution for the sample size is also normal
And for this case we want this probability:
And for this case we can use the z score given by:
And if we use this formula we got:
And we can use excel or the normal standard table to find this probability:
Part c
Let X the random variable that represent the scores for Writing of a population, and for this case we know the distribution for X is given by:
Where and
We select a sample of size n=100, since the distribution for X is normal then the distribution for the sample size is also normal
And for this case we want this probability:
And for this case we can use the z score given by:
And if we use this formula we got:
And we can use excel or the normal standard table to find this probability: