$25, which is higher than what the price would have been if the industry were a pure monopoly $25, which is lower than what the
price would have been if the industry were a pure monopoly $20, which is higher than what the price would have been if the industry were a pure monopoly $20, which is lower than what the price would have been if the industry were a pure monopoly
1 answer:
Answer: $25, which is lower than what the price would have been if the industry were a pure monopoly
Explanation:
Your question is incomplete as it is missing some elements.
I have attached it to this answer.
In a Perfect Competition, the price is set at the point where Marginal Cost equals Marginal Revenue. It is worthy of note that in a Perfect Competition, the Marginal Curve and the Demand curve are the same so the point where MC intersects the Demand Curve in the graph is the price they will charge at which is $25.
This will however be less than what Monopoly would charge. A Monopoly would also charge at the point where Marginal Revenue equals Marginal cost. For the Monopoly that point is given at the 90 output point. If you then plot it to the Demand curve you will find that it is a figure greater than $25 which is Pm in the other graph I attached. That is what the price would be in a perfect Monopoly.
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Answer:
We fail to reject the Null hypotheses that the average amount of money a typical college student spends per day is less than $70.
Explanation:
A professor of statistics claimed that the average amount of money a typical college student spends per day during social distancing at home is over $70.
Based upon previous research, the population standard deviation is estimated to be $17.32.
The professor surveys 35 students and finds that the mean spending is $67.57.
Is there evidence that the average amount spent by students is less than $70?
For the given problem the Null hypotheses is that the average amount of money a typical college student spends per day is less than $70.
For the given problem the Alternate hypotheses is that the average amount of money a typical college student spends per day is over $70.
The test statistic is given by
Where X_bar is the sample mean spending that is $67.57, μ is the average population spending that is $70, σ is the standard deviation that is 17.32 and n is the sample size that is 35.
The p-value corresponding to the z-score of -0.83 at significance level 0.10 is found to be
p-value = 0.2036
Since 0.2036 > 0.10
We fail to reject the Null hypotheses that the average amount of money a typical college student spends per day is less than $70.