Suppose a random sample of 200 Americans is asked to disclose whether they can order a meal in a foreign language. Describe the
1 answer:
Answer:
The distribution of sample proportion Americans who can order a meal in a foreign language is,
Step-by-step explanation:
According to the Central limit theorem, if from an unknown population large samples of sizes <em>n</em> > 30, are selected and the sample proportion for each sample is computed then the sampling distribution of sample proportion follows a Normal distribution.
The mean of this sampling distribution of sample proportion is:
The standard deviation of this sampling distribution of sample proportion is:
The sample size of Americans selected to disclose whether they can order a meal in a foreign language is, <em>n</em> = 200.
The sample selected is quite large.
The Central limit theorem can be applied to approximate the distribution of sample proportion.
The distribution of sample proportion is,
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Answer:
The equilibrium quanity and equilibrium price is 3 Thousand units and 32 dollars respectively.
Step-by-step explanation:
Market equilibrium occurs in those markets in which the quantity demanded by consumers equals the quantity supplied by firms. In this state, the equilibrium point has its corresponding equilibrium quantity and price. That is, the equilibrium point is that point where, for a given price, the quantity supplied is equal to the quantity demanded.
The supply and demand curves represent the quantities that consumers are willing to buy and producers are willing to sell at that price respectively.
Being:
- demand equation: 6x+p-50=0 ⇒ 6x= 50 - p ⇒
- the supply equation 6x-p+14=0 ⇒ 6x= p - 14 ⇒
Since when the market reaches equilibrium, the quantity demanded equals the quantity supplied and x representing the quantity demanded in units of thousand, then:
Solving, you get:
50 - p= p -14
50 - p +14 = p
50 +14= p + p
64= 2*p
P=32 dollars
This value is the equilibrium price. Replacing this value in the demand and supply equation, the equilibrium quantity is obtained, which should be the same for both cases:
- demand equation:
⇒ x= 3 Thousand units
- the supply equation
⇒ x=3 Thousand units
So, <u><em>the equilibrium quanity and equilibrium price is 3 Thousand units and 32 dollars respectively.</em></u>
In its graphical representation, the equilibrium point can be seen as that point where the supply and demand curves intersect. You can see this in the attached image, where the blue line represents the supply and the red line the demand.
