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2 years ago

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If the store currently charges a price of $50, then increases that price to $60, what happens to total revenue from shoe sales (

calculate P X Q before and after the price change)

1 answer:

Goryan [66]2 years ago

4 0

Answer:

<h2>Revenue will decrease</h2>

Step-by-step explanation:

Note: the question did not provide the quantity to work with, so we will assume some values, say quantity Q= 30

Generally, it is normal for the revenue to decrease when the price of a commodity increase, this is so that buyer will have to react to adjust to the change in price.

When price increase from $50 to $60, the total revenue will decrease

let say the quantity Q1=30 , and the new quantity after price increase is Q2=20

1. The revenue PxQ before price change will be

PxQ= P1xQ1=50*30

PxQ= $1500

1. The revenue PxQ after price change will be

PxQ=P2xQ2= 60*20

P2xQ2= $1200

This clearly shows that based on the assumed data, the total revenue will drop from1500 to 1200, a total of $300 in a decrease

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Answer:

The test statistics is $z = -1.56$

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Step-by-step explanation:

From the question we are told

The West side sample size is $n_1 = 578$

The number of residents on the West side with income below poverty level is $k = 76$

The East side sample size $n_2=688$

The number of residents on the East side with income below poverty level is $u = 112$

The null hypothesis is $H_o : p_1 = p_2$

The alternative hypothesis is $H_a : p_1 < p_2$

Generally the sample proportion of West side is

$\^{p} _1 = \frac{k}{n_1}$

=> $\^{p} _1 = \frac{76}{578}$

=> $\^{p} _1 = 0.1315$

Generally the sample proportion of West side is

$\^{p} _2 = \frac{u}{n_2}$

=> $\^{p} _2 = \frac{112}{688}$

=> $\^{p} _2 = 0.1628$

Generally the pooled sample proportion is mathematically represented as

$p = \frac{k + u}{ n_1 + n_2 }$

=> $p = \frac{76 + 112}{ 578 + 688 }$

=> $p =0.1485$

Generally the test statistics is mathematically represented as

$z = \frac{\^ {p}_1 - \^{p}_2}{\sqrt{p(1- p) [\frac{1}{n_1 } + \frac{1}{n_2} ]} }$

=> $z = \frac{ 0.1315 - 0.1628 }{\sqrt{0.1485(1-0.1485) [\frac{1}{578} + \frac{1}{688} ]} }$

=> $z = -1.56$

Generally the p-value is mathematically represented as

$p-value = P(z < -1.56 )$

From z-table

$P(z < -1.56 ) = 0.05938$

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