Answer: Option (c) is correct
Step-by-step explanation:
Slope of demand curve is negative and slope of supply curve is positive in both the models.
But labeling of axis is different in both the models. In the short-run macroeconomic model, y-axis represents the price level whereas x-axis represents the GDP.
While in the standard model for markets, y-axis shows the general price level whereas x-axis represents the output level.
To answer problems like this you have to use binomial:
P (x > 1) = 1 – p (0
< x < 1) > .7
So:
1 – p (0) – p (1) >
.7
1 – (3/ 4) ^n – (3/ 4)
^n (n – 1 ) (1/ 4) > .7
Therefore n > 5.185,
and the smallest value of n so that we can satisfy the given condition is 6
(rounded up)
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There were 8 customers who ordered specialty coffee. (24/1 x 1/3 = 8)
Well, if you take x to be 25 seconds, there are 2.4x in 1min. So, that multiplied by 60, would be 144x. Therefore, 1/4 multiplied by 144x should be the answer.
