Answer:
-2; Inferior good
Step-by-step explanation:
Given that,
Initial Quantity = 10 boxes
New Quantity = 8 boxes
Percentage increase in Sally's income = 10%
Change in consumption:
= 8 boxes - 10 boxes
= - 2 boxes
Percentage change in quantity demanded:
= (Change in quantity demanded ÷ Initial quantity) × 100
= (-2 ÷ 10) × 100
= - 20%
Therefore,
Income elasticity of demand:
= percentage change in quantity demanded ÷ Percentage change in income
= - 20% ÷ 10
= -2
Inferior goods are generally have a negative income elasticity of demand which means that an increase in the income of the consumer will lead to reduce the quantity demanded for inferior good and vice versa.
Hence, the good is a inferior type of good.
Can you say exactly what your asking for.
Answer:
Question 1:
(b) 4,445
Question 2:
(c) 2.1%
Step-by-step explanation:
In a sample with a number n of people surveyed with a probability of a success of
, and a confidence level of
, we have the following confidence interval of proportions.

In which
z is the zscore that has a pvalue of
.
The margin of error is of:

95% confidence level
So
, z is the value of Z that has a pvalue of
, so
.
Question 1:
We have no previous estimate for the population proportion, so we use
.
The sample size is n for which M = 0.015. So






Samples above this value should be used, and the smaller sample above this value is of 4445, so the answer is given by option b.
Question 2:
Now we find M for which
.



So 2.1%, and the correct answer is given by option c.

So the final statement would be:
.91 is the largest number in that group.