If the demand elasticity for a product is -2, and a profit maximizing firm sells the product for $10
Question: Using #4 above,
Mean annual salary for teachers is $43658. Assume a standard deviation of $8000.
A. Determine the percentage of all samples of 64 teacherst hat have mean salaries within $1000 of the population mean salary of $43658. Interpret answer in terms of sampling error.
B. Repeat A for sample size of 256.
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Deliverables: Word Document
Deliverables: Word Document
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Solution: When mark-up equals 50%, then demand elasticity will be? a. _____ -1 b. _____ -1.5 c. _____ -2 d. #9112
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