Price Quantity Demanded Quantity Supplied $4 10 000 Tickets 8 000 Tickets $8 8 000 Tickets 8 000 Tickets $12 6 000 Tickets 8 000
1 answer:
Answer:
a) Draw the demand and supply curves. I have attached the supply and demand curves below
What is unusual about this supply curve? What might this be true? What is inusual is that the supply curve is vertical, which means that the supply for this market is perfectly inelastic. A perfectly inelastic supply occurs when supply does not respond to price, it stays at the same quantity regardless of price level and price changes.
b) What are the equilibrium price and quantity of tickets?
The equilibrium price is $8 and the equilibrium quantity is 8 000 tickets. The reason is that at the price of $8 both the quantity supplied and demanded is equal to 8 000 tickets.
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Answer:
Explanation:
given,
Mean,μ= 35mm
Standard Deviation,σ = 0.5mm
Sample size, n = 36
Sample Standard deviation =
=
= 0.0833
The interested diameter is between 34.95 to 35.18 mm
Calculating the Z score of the for the diameter mentioned.
now, Form Z-table
Subtracting the value
= 0.9846 - 0.2741
= 0.71
Hence, the required probability is that the diameter of bearing is in between 34.95 and 35.18 mm is equal to 0.71.