Use the following to answer the next 4 questions Suppose gold mining in the US was a perfectly competitive industry with N = 40
1 answer:
Answer:
32) - Option c i.e., $900.
33) - Option d i.e., 60.
34) - Option d i.e., 60.
35) - Option a i.e., $450.
Explanation:
32) - Mr. Barrick 's income as a corporation is $900.
Then, we apply the formula of profit maximization that is :
33) - While Mr. Barrick controlled the market, the total manufacturing production of N = 40 competitive companies was Q = 60.
In a reasonably marketplace, companies can sell where the marginal cost remains equivalent to the demand curve or that MC remains equivalent to the demand curve at 60.
34) - After the monopoly cost per unit raised by $60.
Price as well as quantity shall be determined by the monopoly where MR = MC. Price is determined mostly on demand curve relating to that same points where MR = MC has been 60 as well and the quantities are determined also on the y-axis that is 30.
35) -
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Answer:
a)
And we can use excel or the normal standard table to find this probability:
b)
And we can use excel or the normal standard table to find this probability:
c)
And we can use excel or the normal standard table to find this probability:
Explanation:
Previous concepts
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".
Part a
Let X the random variable that represent the scores for critical reading of a population, and for this case we know the distribution for X is given by:
Where and
We select a sample of size n=90, since the distribution for X is normal then the distribution for the sample size is also normal
And for this case we want this probability:
And for this case we can use the z score given by:
And if we use this formula we got:
And we can use excel or the normal standard table to find this probability:
Part b
Let X the random variable that represent the scores for Math of a population, and for this case we know the distribution for X is given by:
Where and
We select a sample of size n=90, since the distribution for X is normal then the distribution for the sample size is also normal
And for this case we want this probability:
And for this case we can use the z score given by:
And if we use this formula we got:
And we can use excel or the normal standard table to find this probability:
Part c
Let X the random variable that represent the scores for Writing of a population, and for this case we know the distribution for X is given by:
Where and
We select a sample of size n=100, since the distribution for X is normal then the distribution for the sample size is also normal
And for this case we want this probability:
And for this case we can use the z score given by:
And if we use this formula we got:
And we can use excel or the normal standard table to find this probability: