Numerade

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Crystal Wang

Numerade educator

Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey 2020 $1 100 quarts $2 50 quarts 2021 1 200 2 100 2022 2 200 4 100

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Crystal Wang

Numerade educator

1. A market has the demand function and the supply function as follows: Qd = -2P + 14 Qs = 3P + 10 a. Determine equillibrium price and equillibrium quantity b. If the government imposes the price in the market at 6, determine quantity demanded and quantity supplied, the shortage or surplus quantity. Propose intervention of the government in this situation.

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Donna Densmore

Numerade educator

According to Data360.org, in 2002, the average water consumption per capita in Japan for the year was 93.5 gallons. Assume that the water the water consumption per capita in Japan follows a normal and symmetrical distribution with a mean of 93.5 gallons and a standard deviation of 12 gallons. Find the following, a. The probability that a person in Japan consumed more than 32 gallons in 2002 b. The probability that a person in Japan consumed between 15 and 25 gallons of water in 2002. c. The probability that a person in Japan consumed less than 15 gallons of water in 2002 d. 90% of the people in Japan consumed more than how many gallons of water.

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Danielle Fairburn

Numerade educator

A regional airline carrier determined that the number of kilometres travelled per airline per year is normally distributed with a mean of 700 thousand kilometres and a standard deviation of a 100 thousand kilometres. a. What percentage of the planes is expected to travel between 450 and 700 thousand kilometres in a year. b. What proportion of the planes is expected to travel between 350 and 600 thousand kilometres in a year c. Find the distance in kilometres travelled by 70% of the planes d. Compare the answers of parts (a) through (c) if the standard deviation is 80 thousand kilometres.

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anh thu n.