From the information provided, A single-price monopolist earns a total profit of $80 when it produces and sells 20 units of its good. See the attached for more information.
<h3>How do we arrive at $80?</h3>
Total profit = revenue - cost
Revenue = price x number of units sold
Revenue at 20 units =
20 x9 = $180
Given that Total cost at 20 units is $100, thus,
Total Profit = 180 - 100
= $80.
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The confidence interval did give convincing evidence that there is difference in the population mean number of pairs of shoes for boys and girls at the school.
<h3>Why does the confidence
interval did give convincing evidence?</h3>
The interval is one that gave a good convincing evidence, based on the fact that the number 0 stands as NO difference ( (girls boys) and thus it is = 0 ).
It is also not not included in this interval and as such, it can mean that the difference in the mean number of shoes owned by girls and the mean number of shoes owned by boys is 0 .
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The premium that the insurance company should charge each year to realize an average profit of $500 is $6,900.
First step is to calculated the expected amount to pay
Expected amount=Total loss +50% loss+25% loss
Expected amount=$200,000(0.002)(1)+$200,000(0.01)(0.5)+$200,000(0.1)(0.25)
Expected amount=$400+$1,000+$5,000
Expected amount=$6,400
Second step is to calculate the premium
Premium=Expected amount+ Average profit
Premium=$6,400+$500
Premium=$6,900
Inconclusion the premium that the insurance company should charge each year to realize an average profit of $500 is $6,900.
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The sample space of the experiment is the elements in the set
The sample space {Head, Tail} and there are 2 outcomes in the sample space
<h3>How to determine the sample space?</h3>
From the complete question, the experiment is a toss of a coin
A coin has a head and a tail.
So, the sample space (S) is:
S= {Head, Tail}
The number of outcomes in the above sample space is 2
Hence, the sample space {Head, Tail} and there are 2 outcomes in the sample space
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Answer:
Need/needn't I call Jhon just now for he is coming tomorrow to visit me.