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antiseptic1488 [7]
3 years ago
5

A producer received rupees 10000 when the price of a commodity was rupees 100 per unit. The receipts increased to rupees 15000 w

hen price increased by rupees 20.Calculate the elasticity of supply?
Mathematics
1 answer:
Leno4ka [110]3 years ago
5 0

Answer:

Price Elasticity of Supply = 1.25

Step-by-step explanation:

Price      Quantity        Total Revenue ( P x Q)

100     10000/100 = 100       10000

120      15000/120 = 125        15000

Price Elasticity of supply is change in quantity supplied, due to change in price. Formula : (dQ / dP) x (P / Q)

(125 - 100) / (120 - 100)   x (100/100)

= 25/20 = 1.25

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Elderly drivers. In January 2011, The Marist Poll published a report stating that 66% of adults nationally think licensed driver
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Answer:

(a) Hence, the margin of error reported by The Marist Poll was correct.

(b) Based on a 95% confidence interval the poll does not provide convincing evidence that more than 70% of the population think that licensed drivers should be required to retake their road test once they turn 65.

Step-by-step explanation:

We are given that the Marist Poll published a report stating that 66% of adults nationally think licensed drivers should be required to retake their road test once they reach 65 years of age.

It was also reported that interviews were conducted on 1,018 American adults, and that the margin of error was 3% using a 95% confidence level.

(a) <u>Margin of error formula is given by;</u>

             Margin of Error =  Z_(_\frac{\alpha}{2}_)  \times \sqrt{\frac{\hat p(1-\hat p)}{n} }  

where, \alpha = level of significance = 1 - 0.95 = 0.05 or 5%

Standard of error =  \sqrt{\frac{\hat p(1-\hat p)}{n} }

Also, \hat p = sample proportion of adults nationally think licensed drivers should be required to retake their road test once they reach 65 years of age = 66%

n = sample of American adults = 1.018

The critical value of z for level of significance of 2.5% is 1.96.

So, <em>Margin of Error </em>=  Z_(_\frac{\alpha}{2}_)  \times \sqrt{\frac{\hat p(1-\hat p)}{n} }  

                                =  1.96  \times \sqrt{\frac{0.66(1-0.66)}{1,018} } = 0.03 or 3%

Hence, the margin of error reported by The Marist Poll was correct.

(b) Now, the pivotal quantity for 95% confidence interval for the population proportion who think that licensed drivers should be required to retake their road test once they turn 65 is given by;

                   P.Q. =  \frac{\hat p-p}{ \sqrt{\frac{\hat p(1-\hat p)}{n} }}  ~ N(0,1)

So, <u>95% confidence interval for p</u> =  \hat p \pm \text{Margin of error}

                                                        =  0.66 \pm 0.03

                                                        =  [0.66 - 0.03 , 0.66 + 0.03]

                                                        =  [0.63 , 0.69]

Hence, based on a 95% confidence interval the poll does not provide convincing evidence that more than 70% of the population think that licensed drivers should be required to retake their road test once they turn 65 because the interval does not include the value of 70% or more.

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