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alisha [4.7K]
3 years ago
12

A demand function often expresses the price at which x items can be sold. Typically, the lower the price is, the more items ther

e are that can be sold at that price, that is, the greater the demand there is at that price. Suppose p = $400 - $0.2x is the demand function for widgets. If we want to sell 100 widgets, where should we set the price? If we can sell 100 widgets for that price, how much total revenue would we receive from the sale of those 100 widgets? Where should we set the price if we want to sell 1200 widgets? If we can sell 1200 widgets for that price, how much total revenue would we receive from the sale of those 1200 widgets?
Mathematics
1 answer:
balu736 [363]3 years ago
5 0
I would start at 2000 because of 400/.2 is 2000 idk sorry 
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What is the price of a $35 taxi ride plus 15% tip
Sveta_85 [38]
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2 years ago
According to data released by FiveThirty Eight (data drawn on Monday, August 17th, 2020), Donald Trump wins an Electoral College
sineoko [7]

Answer:

a) P = 0.274925

b) required confidence interval = (0.2705589, 0.2793344)

c) FALSE

d) FALSE

e) TRUE

f) There is still probability that he would win. And it would be highly unusual if he wins assuming that the true population proportion is 0.274925.

Step-by-step explanation:

a)

PROBABILITY

since total number of simulations is 40,000 and and number of times Donald Trump wins an Electoral College majority in the 2020 US Presidential Election is  10,997

so the required Probability will be 10,997 divided by 40,000

P = 10997 / 40000 = 0.274925

b)

To get 95% confidence interval for the parameter in question a

(using R)

>prop.test(10997,40000)

OUTPUT

1 - Sample proportion test with continuity correction

data: 10997 out of 40000, null probability 0.5

x-squared = 8104.5, df = 1, p-value < 2.23-16

alternative hypothesis : true p ≠ 0.5

0.2705589  0.2793344

sample estimate

p

0.274925

∴ required confidence interval = (0.2705589, 0.2793344)

c)

FALSE

This is a wrong interpretation of a confidence interval. It indicates that there is 95% chance that the confidence interval you calculated contains the true proportion. This is because when you perform several times, 95% of those intervals would contain the true proportion but as the confidence intervals will vary so you can't say that the true proportion is in any interval with 95% probability.

d)

FALSE

Once again, this is a wrong interpretation of a confidence interval. The confidence interval tells us about the population parameter and not the sample statistic.

e)

TRUE

This is a correct interpretation of a confidence interval. It indicates that if we perform sampling with same sample size (40000) several times and calculate the 95% confidence interval of population proportion for each of them, then 95% of these confidence interval should contain the population parameter.

f)

The simulation results obtained doesn't always comply with the true population. Also, result of one simulation can't be taken for granted. We need several simulations to come to a conclusion. So, we can never ever guarantee based on a simulation result to say that Donald Trump 'Won't' or 'Shouldn't' win.

There is still probability that he would win. And it would be highly unusual if he wins assuming that the true population proportion is 0.274925.

5 0
3 years ago
of the 30 girls who turn out for the lacrosse team at Euclid Middle school, 12 were selected. of the 40 boys who tried out 16 we
deff fn [24]

12 girls out of 30 were selected, so the ratio "selected:tried" if 12/30. This fraction can be simplified into

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Similarly, 16 boys out of 40 were selected, so the ratio "selected:tried" if 16/40. This fraction can be simplified into

\dfrac{16}{40} = \dfrac{2}{5}

So yes, the ratio of the number of students on the team to the number of students trying out the same for both boys and girls

4 0
4 years ago
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