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Answer: For California: μ = 33.1; σ² = 1120.50; Range = 32;
For Iowa: μ = 24.5; σ² = 32.73; Range = 19
Step-by-step explanation:
Mean is the average of a population or a sample. It is defined as
μ = ∑x / n, where
x is each number of the set;
n is the total individuals in the sample.
Calculating the <u>Mean</u> for sample of taste of pizza in <u>California</u>:
μ₁ = = 33.1
Calculating the <u>Mean</u> for the sample in Iowa:
μ₂ = = 24.5
Variance measures how far the number in the set is from the mean. Its formula is
σ² = (∑x-μ)² / n -1
which means to find the variance, you have to get the difference between the number and the mean, square the result, add all of them and then divide by (n-1) individuals.
The <u>Variance</u> for the sample in <u>California</u> is
σ² = σ² = 120.50
The <u>Variance</u> for the sample in <u>Iowa</u> is
σ² = 32.73
Range is the difference between the highest and the lowest number of the set: range = highest - lowest
For the sample in <u>California</u>, the <u>Range</u> is
range = 46 - 14 = 32
For the sample in Iowa:
range = 35 - 16 = 19
For California:
- Mean = 33.1;
- Variance = 120.50;
- Range = 32;
For Iowa:
- Mean = 24.5;
- Variance = 32.73;
- Range = 19;
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Answer:
The equilibrium quantity is 26.4
Step-by-step explanation:
Given
Required
Determine the equilibrium quantity
First, we need to determine the equilibrium by equating Qd to Qs
i.e.
This gives:
Collect Like Terms
Solve for P
This is the equilibrium price.
Substitute 2.4 for P in any of the quantity functions to give the equilibrium quantity:
<em>Hence, the equilibrium quantity is 26.4</em>