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Oksanka [162]
3 years ago
14

The manager of a major retail store has taken a random sample of 25 customers. The average sale was $52.50. The population stand

ard deviation is known to be $6.10. The manager would like to determine whether or not the mean sales by all customers are significantly more than $50. What is the p-value for the test
Business
1 answer:
Anna35 [415]3 years ago
7 0

Answer:P value = 1 - 0.9793 = 0.0207

Explanation:

we can use Z value and normal distribution to find P value. P value is the area of beyond the value of Z value

sample mean (x.bar) = $52.20

Population mean (U) = $50

Sample Standard deviation (Sd) =$ 6.10

sample (n) = 25

Z =\frac{(x.bar - U)}{Sd/\sqrt{n} } =\frac{52.50 - 50}{6.10/\sqrt{25} }

Z = 2.50/1.22 = 2.049280328 = 2.049

area (normal distribution table) = 0.9793

P value = 1 - 0.9793 = 0.0207

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Suppose a firm’s total revenue is $100 when it sells 10 units, and $110 when it sells 11 units. The firm, therefore, is a(n):
Andru [333]

Answer:

perfect competitor

Explanation:

Given:

Firm's total revenue when 10 units are sold = $100

Firm's total revenue when 11 units are sold = $110

Average Revenue = \frac{\textup{Total revenue}}{\textup{Total units sold}}

or

Average Revenue = \frac{100}{10} = $10

and,

the marginal revenue = $110 - $100 = $10

Since,

the average revenue and the marginal revenue for the firm is equal,

therefore, the is a perfect competitor

3 0
3 years ago
Which of the following is NOT a useful strategy when making an informed purchase?
kkurt [141]
The answer is 4, purchase a product based on a social media influencer.

this would not be an informed purchase
4 0
3 years ago
You are working at the campus bookstore, earning $9.00 per hour. Your manager tells you that in the upcoming year, you will get
Anastaziya [24]

Answer:

a. $0.09

b. $0

c. -$0.09

Explanation:

Real rate = Nominal rate - inflation rate

a. Real rate = 2% - 1%

= 1%

Change in real wage = 9 * 1% = $0.09

b. = 2% -2% = 0%

Change in real wage = 9 * 0% = 0

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8 0
3 years ago
In a _________________________ economy, the individuals and the government share in the economic decision-making process. These
Fantom [35]

<u><em>Answer:</em></u>

<u><em>Mixed economy</em></u>

<u><em>Explanation:</em></u>

There are three types of Economies:

<u><em>Command Economy:</em></u>

An economy where price and products are controlled by the government. It is very commonly seen in communist countries, like China or Vietnam.

<u><em>Free market:</em></u>

An economy where the government has little to no control. However, a perfect free economy doesn't exist anywhere, and is just a concept.

<u><em>Mixed Economy:</em></u>

An economy where the market is controlled by both the people/consumers, and the government. America is a mixed economy. Individuals are allowed to own property with little government intervention. However, the government has a lot more control over other sectors of the market.

<u><em>So, to answer the your question, because the Mixed economy is controlled by the government and the poeple, it is the answer.</em></u>

6 0
2 years ago
A _____ is a business structure of interdependent organizations that reaches from the point of product origin to the consumer, w
Oksi-84 [34.3K]

Answer:

C) marketing channel or channel of distribution

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The distribution channel (or marketing channel or downstream supply chain) refers to the chain of businesses that act as intermediaries through which a product or service passes. The distribution channel starts at the producer of the product or service and ends in the final customer.

4 0
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