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Answer:
The number of times it would take more than 27 minutes to manufacture a pair of running shoes is 2.275 times or approximately 2 times per every 100 shoes
Step-by-step explanation:
The average time it takes to manufacture a pair of shoes = 21 minutes;
The standard deviation = 3 minutes
To find how often it takes more than 27 minutes to manufacture a pair of running shoes, we have;
Standard score, given as follows;
Where;
x = The raw score = 27 minutes
μ = The average score = 21 minutes
σ = The standard deviation = 3 minutes
From which we have;
Therefore, it is borderline unusual with a p value of P(z>2) = 1 - 0.97725 = 0.02275
Therefore, the number of times out of 100 that it would take more than 27 minutes to manufacture a pair of running shoes = 100 × 0.02275 = 2.275 times which is approximately 2 times in every 100 shoes.
Answer:
1) The demand equation is
2) The price when no consumers willing to buy this commodity is $1200.
3) The quantity of the commodity would consumers take if it was free is 300 pounds.
Step-by-step explanation:
Given : At a unit price of $900, the quantity demanded of a certain commodity is 75 pounds. If the unit price increases to $956, the quantity demanded decreases by 14 pounds.
To find :
1) The demand equation ?
2) At what price are no consumers willing to buy this commodity?
3) According to the above model, how many pounds of this commodity would consumers take if it was free?
Solution :
1) According to question,
p is the unit price and x is the quantity demanded for this commodity in pounds.
Let, and
and and
To find the demand equation we apply two point slope form,
Substitute the values,
The demand equation is
2) For no consumers,
Substitute x=0 in demand equation,
The price when no consumers willing to buy this commodity is $1200.
3) For free,
Substitute p=0 in demand equation,
The quantity of the commodity would consumers take if it was free is 300 pounds.