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goldfiish [28.3K]
2 years ago
6

A grocery store has an average sales of $8000 per day. The store introduced several advertising campaigns in order to increase s

ales. To determine whether or not the advertising campaigns have been effective in increasing sales, a sample of 100 days of sales was selected. It was found that the average was $8300 per day. From past information, it is known that the standard deviation of the population is $1200. The p-value is
Business
1 answer:
vitfil [10]2 years ago
5 0

Answer:

0.0062

Explanation:

p = 1 - P(Z < Zcal)

Zcal = (8300-8000)/ (1200/√100)

Zcal = 2.5

p = 1 - P(Z < Zcal)

= 1 - P(Z < 2.5)

= 1 - 0.9938

= 0.0062

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Answer:

Number of Firms - many

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Type of Product - standardised  

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Type of Product - standardised  

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Type of Product - unique

Market Model - monopoly

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.   In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopoly has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.

An example of monopolistic competition are restaurants  

A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.

An example of a monopoly is a utility company

An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.

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