If there is an even number of data, how is the median found?


the highest number is taken

The lowest number is taken

The sum of the two middle numbers is taken

The average of the two middle numbers is taken

Answers

Answer 1

Answer:

the average of two middle numbers

Explanation:

the median is the number in the middle of an arranged from smallest to largest number of a set of numbers

when you have an even number of data there is no 1 number in the middle so you take the average of the 2 middle numbers


Related Questions

The file Eimployee tat cantains employee deulls of tav type of enployees, monthly-peid and weurly-paid. The Wrie a properam that will nad all die employees details from the tect file. If eriployer tope is manthy , the employ ce details will be ave to the monthly sxt file eise another file hourh at will be chand to save the hourly employee details.

Answers

To separate employee details from a text file based on payment type (monthly or hourly), write a program that reads the file, identifies the payment type, and saves the details to respective output files accordingly.

To read employee details from a text file and separate them based on their payment type (monthly or hourly), you would typically need to write a program in a programming language of your choice. Here is a high-level algorithm you can follow:

Open the input text file for reading.

Create two output files: one for monthly-paid employees and another for hourly-paid employees.

Read each line of the input file.

Split the line into individual details (e.g., employee ID, name, payment type).

Based on the payment type, write the details to the respective output file (monthly or hourly).

Repeat steps 4-5 for each line in the input file.

Close all the files after processing.

Remember to handle any errors or exceptions that may occur during file operations or data processing. Additionally, ensure that you define the file format and structure, such as the delimiter used to separate employee details in the input file.

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Discuss the social views that influence our relationship​

Answers

Answer:

relationships with others influence how we communicate with them by many different factors. The relationship between people influence the way we interact with them. Giving hugs is generally for people you are close to, although you may shake someone's hand if you are not as close to them

Answer:

well what kind of relationship?

Explanation:

The business analysis stage of product development changes the focus from
whether a product would be popular to whether the product would be
A. legal
B. innovative
c. profitable
D. sustainable

Answers

Answer:

I think the answer would be C. or B. hope this helps

The business analysis stage of product development changes the focus from whether a product would be popular to whether the product would be profitable. Hence, option C is correct.

What is business analysis stage?

Performing a business analysis follows step three. The fact that the discoveries, concepts, and research results generated during this stage will directly affect the project's overall success makes it one of the most important ones.

Management of requirements and planning. Gathering of Requirements. Analysis and requirement documentation.

Using a business analysis, you can estimate the profits you might make from the product in subsequent fiscal years and identify the costs related to your anticipated NPD. The creation of a product is expensive. Additionally, your business analysis will help you get rid of weak ideas and steer clear of unnecessary spending.

Thus, option C is correct.

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Who commanded allied troops in europe and was responsible for organizing the invasion of france?.

Answers

Answer:In May 1944, the Western Allies were finally prepared to deliver their greatest blow of the war, the long-delayed, cross-channel invasion of northern France, code-named Overlord. General Dwight D. Eisenhower was supreme commander of the operation that ultimately involved the coordinated efforts of 12 nations.

Explanation:

why was bank of america industry successful at one point

Answers

Answer:

Bank of America (NYSE:BAC) has had its fair share of missteps over the past decade, but it's also had successes. Topping the list for the latter is the progress it's made in mobile banking, which has enabled the bank to slash operating expenses in its consumer banking segment.

You can get a sense for Bank of America's success in this regard by looking at the number of people who use its mobile application. In the most recent quarter, the bank boasted 19.6 million active mobile users. That's five times the number it had in 2009. To put this in perspective, Bank of America has 60 million total clients within 45 million households.

The impact on Bank of America's transaction mix has been dramatic. Mobile check deposits are up by a factor of 10 since 2012, and now account for 16% of all deposit transactions at the North Carolina-based bank. If you also factor in ATM transactions, two-thirds of Bank of America's deposit transactions are now automated. That compares to only 35% in 2009.

Explanation:

a startup adviser is an individual who provides advice on running your startup and holds decision-making control on the management team. group of answer choices true false

Answers

The given statement "a startup adviser is an individual who provides advice on running your startup and holds decision-making control on the management team" is false.

There are several different types of startup advisers, including technical advisers, business advisers, financial advisers, and legal advisers. These professionals can provide invaluable guidance and support to entrepreneurs who are just getting started, helping them to navigate the many challenges and opportunities that come with launching a new business.

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What other considerations do manufacturers have when deciding on the dimensions of the cans, besides minimizing the amount of material used

Answers

Answer:

Imagine that you are an engineer for a soda company, and you are tasked with finding the most economical shape for its aluminum cans. You are given a set of constraints: the can ust hold a volume V of liquid and be a cylindrical shape of height h and radius r, and you need to minimize the cost of the metal required to make the can.

(a) First, ignore any waste material that is discarded during the manufacturing process and just minimuze the total surface area for a given volume V. Using this constraint, show that the optimal dimensions are achieved when h = 2t.

(b) Next, take the manufacturing process into account. Materials for the cans are fut from flat sheets of metal. The cylindrical sides ar made form curved rectangles, and rectangles can be cut from sheets of metal with virtually no waste. However, when the disks of the top and bottom of the can are cut from flat sheets of metal, there is significant waste material. Assume that the disks are cut from squares with side lengths of 2r, so that one disk is cut out of each square in a grid. Show that in this case the amount of material is minimized when: h÷r = 8÷π ≈2.55 .

(c) It is far more efficient to cut the disks from a tiling of hexagons than from a tiling of squares, as the former leaves far less waste material. Show that if the disks for the lids and bases of the cans are cut from a tiling of hexagons, the optimal ratio is h ÷ r = 4√3 ÷ π ≈ 2.21 . Hint: The formula for the area of a hexagon circumscribing a circle of radius r is A = 6r ^2 ÷ √3.

(d) Look at a variety of aluminum cans of different sizes from the supermarket. Which models from problems a-c best approximate the shapes of the cans? Are the cans actually perfect cylinders? Are there other assumptions about the maufacture of the cans that we should take into account? Do a little bit of research, and write a response to answer some of these questions by comparing our models to the actual dimensions used.

Explanation:

did u get it if yes give me brilliant star

The gdp deflator for this year is calculated by dividing the using by the using and multiplying by 100. However, the cpi reflects only the prices of all goods and services. True or false?.

Answers

The GDP deflator for this year is calculated by dividing the used by the using and multiplying by 100.  However, the CPI reflects only the prices of all goods and services; therefore the correct option is True.  

The GDP deflator for this year is determined by multiplying by 100, then dividing the value of all goods and services produced in the economy this year at prices from this year by the value of all goods and services produced in the economy this year at prices from the base year. The CPI, however, only includes the costs of all consumer purchases of goods and services.

The CPI, a different economic term used to describe the consumer price index, and the GDP deflator are closely related. The GDP deflator can determine if there was inflation or deflation in the national economy for a specific year by using the CPI.

Therefore the correct option is True.  

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Read the first four paragraphs (1-4) of the above comprehension passage and write a summary.
Your summary should be one-third (1/3) of the original text.
Our current educational system focuses on preparing today’s youth to get good jobs by developing scholastic skills. Their lives will revolve around their wages. Many will study further to become engineers, scientists, cooks, police officers, artists, writers, and so on. These professional skills allow them to enter the workforce and work for money. But there is a big difference between your profession and your business. Often, I ask people, "What is your business?" And they will say, "Oh, I’m a banker." Then I ask them if they own the bank. And they usually respond, "No, I work there." In that instance, they have confused their profession with their business. Their profession may be a banker, but they still need their own business.
2. A problem with school is that you often become what you study. So, if you study cooking, you become a chef. If you study the law, you become an attorney, and a study of auto mechanics makes you a mechanic. a. The mistake in becoming what you study is that too many people forget to mind their own business. They spend their lives minding someone else’s business and making that person rich. To become financially secure, a person needs to mind their own business. Your business revolves around your asset column, not your income column. The number-one rule is to know the difference between an asset and a liability, and to buy assets. The rich focus on their asset columns, while everyone else focuses on their income statements.
3. That is why we hear so often: "I need a raise." "If only I had a promotion." "I am going back to school to get more training so I can get a better job." "I am going to work overtime." "Maybe I can get a second job." The primary reason the majority of the poor and middle class are fiscally conservative—which means, "I can’t afford to take risks"— is that they have no financial foundation. b. They have to cling to their jobs and play it safe. When downsizing became the "in" thing to do, millions of workers found out their largest so-called asset, their home, was eating them alive. Their "asset" was costing them money every month. Their car, another "asset," was eating them alive. The golf clubs in the garage that cost $1,000 were not worth $1,000 anymore. Without job security, they had nothing to fall back on. What they thought were assets could not help them survive in a time of financial crisis.
4. I assume most of us have filled out a credit application to buy a house or a car. It’s always interesting to look at the "net-worth" section because of what accepted banking and accounting practices allow a person to count as assets. One day when I wanted a loan, my financial position did not look too good. So, I added my new golf clubs, my art collection, books, electronics, Armani suits, wristwatches, shoes, and other personal belongings to boost the number in the asset column. But I was turned down from getting the loan because I had too much investment in renting houses. The loan committee didn’t like that I made so much money from rent. They wanted to know why I did not have a normal job with a salary. They did not question the Armani suits, golf clubs, or art collection. Life is sometimes tough when you do not fit the standard profile.

Answers

The current educational system focuses on preparing youth for jobs, but it's important to differentiate between a profession and a business .

people become what they study and spend their lives working for someone else, neglecting their own business.

Financial security lies in building assets, not just relying on income. The poor and middle class struggle due to lack of financial foundation, often clinging to jobs for security. Possessions like homes and cars can become liabilities rather than assets. Traditional net-worth calculations may not account for unconventional sources of wealth, leading to difficulties in obtaining loans.

The first four paragraphs highlight the distinction between a profession and a business. While the educational system aims to equip individuals with scholastic skills for good jobs, it's crucial to understand that a profession alone might not guarantee financial independence. Many people mistakenly confuse their profession, such as being a banker, with owning a business. Financial security comes from minding one's own business and focusing on building assets rather than solely relying on income.

The second paragraph emphasizes that becoming what one studies can lead to a narrow focus on someone else's business, which often enriches others rather than oneself. To achieve financial stability, individuals need to pay attention to their own asset column. Differentiating between assets and liabilities becomes crucial. The wealthy prioritize growing their asset columns, while those who concentrate solely on their income statements struggle to achieve financial success.

The third paragraph delves into the reasons why the poor and middle class tend to be fiscally conservative and risk-averse. Lacking a strong financial foundation, they become dependent on their jobs for stability and are reluctant to take risks. Economic downturns expose the vulnerability of their so-called assets, such as homes and cars, which turn out to be burdens rather than sources of financial security.

The fourth paragraph illustrates a personal experience related to net-worth calculations and loan applications. It highlights the disparity between accepted accounting practices and unconventional wealth sources. While personal belongings like art collections, golf clubs, and expensive suits were not questioned, the committee focused on the applicant's rental property investments instead of a traditional job with a salary. This experience serves as an example of the challenges faced when deviating from the standard profile.

Overall, the passage emphasizes the importance of minding one's own business, building assets, and understanding the difference between assets and liabilities. It sheds light on the struggles faced by those without a solid financial foundation and challenges traditional notions of wealth evaluation.

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define the study of economics
analyze ways that economics influences our daily lives
identify three basic economic questions: What will be produced? How will it be produced? For whom will it be produced?

Answers

The Study of  economics can be defined as the study of People.  Economics tries to explain what driving factor behind human behaviour, decisions and reactions when faced with difficulties or successes.

The effects of economics on our daily lives can be analyzed in the following ways

Opportunity costHow to maximize utilityThe effects of externalitiesImportance of savingEffects of Inflation.

What are the Basic Economic Questions?

What should we produce How should we produce it For whom should we produce it

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An innovative business idea that no one has never had

Answers

An innovative business idea that no one has never had is Offering virtual assistance to other businesses.

What is innovative business idea ?

innovative business idea can be described as an idea in business that cn be developed so that it can be a way to earn a living by providing the services or the goods to the consumer.

It should be noted that this innovation can be the one that no one has ever done or the modification of the one that has been in exisitence, however providing the virtual assistance serves as one of the innovation in business that can ring profit.

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Complete question:

State An innovative business idea that no one has never had

Five hair stylists at a salon perform 12 haircuts in two hours. One of the stylists,
Francesca, is leaving the salon after 10 years. Francesca usually performs 2
haircuts per hour. Which of the answer choices is correct?

Answers

The salon's average product of labor will decrease when Francesca leaves the salon in the given circumstances.

How is the average product of labor determined?

The average product of labor (APL) gauges the typical output of each employee. The total product is simply divided by the workforce. The total output of labor divided by the quantity of workers employed, or Q/L, yields the average product of labor (APL). A popular metric for assessing labor productivity is the average product of labor.

The form of the AP curve on the left suggests that as more workers are hired, AP initially increases to a maximum before decreasing. The average output (or products) that each input produces is referred to as an "average product", factors of production like labor and land.

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Why is liability an especially important type of car insurance?

Answers

Answer: If you cause a car accident, liability insurance will cover injuries to other people and damage to their property. Liability car insurance, sometimes called "third-party" coverage, is one of the most important types of car insurance.

Explanation:

Which industry is the second-largest employer of teens
and young people?
What percentage of employed teens are employed by
the government?​

I got it
is retail trade
and 7%

Answers

Answer:

I. Retail industry

ii. 7%

Explanation:

Retail industry is the second largest employers of teen and young people next to health sector which is the largest employer.

Retailing involves buying goods either from the producers or wholesaler and selling them to the final consumers. Some services are also offered in these retailing such as call center representative, those who work in innovation lab. etc

In the United States, about 7% of teens and young people are in the employment of government , while retail industry is the largest employer of teen and young people because it provides flexibility and also do not involve much academic qualifications.

Example of these retail jobs are those who work in call center, sales representatives and those who works in stores.

Answer:

Retail Trade

7%

Explanation:

Edge 2020

The 12/31/2019 balance sheet of Villarreal Inc. included the following: Common stock, 25 million shares 500million at $20 par Paid-in capital-excess of par 3,000million Retained earnings 980million In January 2019, Villarreal recorded a transaction with this journal entry (in millions): Cash 150 Common stock 100 Paid-in capital- 50 excess of par The transaction was for the:

Answers

the transaction represents the issuance of common stock at par value and the receipt of additional capital above the par value from investors.

The transaction recorded in January 2019 with the journal entry:

Cash $150 million

Common stock $100 million

Paid-in capital - excess of par $50 million

indicates that Villarreal Inc. received $150 million in cash. Out of this amount, $100 million was recorded as an increase in the common stock account, representing the issuance of common stock at par value. The remaining $50 million was recorded as an increase in the paid-in capital - excess of par account, representing the additional amount received above the par value of the stock.

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dr. qiang, a professor at a local university, has been working with union leaders and management at fairlawn corporation to help the two sides resolve differences over desired wage levels for a new contract. first, he met with each side privately to determine any common ground for agreement. for the past week, he has worked with representatives from each side to promote communication and compromise at the bargaining table. dr. qiang is a(n)

Answers

Dr. Qiang is a mediator

A mediator is a neutral third party who helps two or more conflicting parties resolve their differences through facilitated communication and negotiation. In the scenario you described, Dr. Qiang is acting as a mediator by meeting with both the union leaders and the management of Fairlawn Corporation separately to understand their perspectives and identify common ground for agreement.

Then, he is working with representatives from both sides to promote communication and compromise at the bargaining table. By doing so, he is helping both sides reach a mutually agreeable resolution to their conflict.

Mediators often have specialized training and expertise in conflict resolution, communication, and negotiation techniques, and they are skilled at helping parties find creative solutions to complex problems.

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What personnel records would you suggest for a small retailer with three employees?

Answers

Explanation:

For a small retailer with three employees, the ideal would be to keep personnel records well organized, because regardless of the size of the company, the records function as a perspective of the human resources department and a protection for the company, therefore it is essential that the company have registration forms, selection data, evaluation reports, disciplinary forms, job description, social security number, etc.

A sole proprietor can be the principal in a business relationship.
True
False

Answers

Answer:

for this question answer is true

True a sole proprietor can be the principal in a business relationship

In your own words, define Personal Finance??

Answers

Personal Finance

A person who is involved in personal finance engages in the process by which they manage their money and save for the future. They also invest for the future by managing their money. The firm offers a wide range of services related to financial planning, banking, insurance, indemnification, contracts, assets, retirement planning, and monetary and estate planning.

Importance of Personal Finance

It is important to keep track of your personal finances so that you can manage your day-to-day financial needs, as well as plan for your monetary future as you grow into adulthood. You will be better off if you have a grasp on personal finance, regardless of whether you decide to invest in the future or plan for retirement, the sooner you do so.

Hope this helps :)

matthew is a 34-year old medical student. his assets and liabilities are listed below. what is the total value of his assets?

Answers

The total value of Matthew's assets is $116,500.

To calculate the total value of Matthew's assets, we need to add up the value of each individual asset that he has.

From the information provided, we know that Matthew is a 34-year-old medical student and has both assets and liabilities. However, we are only concerned with his assets for this question.

Let's take a look at the list of assets that Matthew has:

- Cash on hand: $1,500
- Checking account balance: $5,000
- Savings account balance: $15,000
- Retirement account balance: $50,000
- Investment portfolio value: $25,000
- Personal property (car, furniture, electronics, etc.): $20,000

To find the total value of Matthew's assets, we simply add up all of the individual asset values:
$1,500 + $5,000 + $15,000 + $50,000 + $25,000 + $20,000 = $116,500

Therefore, the total value of Matthew's assets is $116,500.

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On July 1, 2022, Jenks Company purchased the copyright to Jackson Computer tutorials for $424,000. It is estimated that the copyright will have a useful life of 5 years and a remaining legal life of 9 years with an estimated salvage value of $24,000. The amount of Amortization Expense recognized for the year 2022 would be: ____________

Answers

Based on the cost of the copyright and the period of amortization, the amortization in 2022 will be $40,000

First find the annual amortization expense:

= (Cost of copyright - Salvage value) / Useful life

= (424,000 - 24,000) / 5

= $80,000

The amortization for 2022 will however be for 6 months as the copyright was purchased on July 1.

= 80,000 x 6/12 months

= $40,000

In conclusion, the amortization expense will be $40,000

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Within regression analysis it is of vital importance to apply the most relevant functional form. Explain and reflect upon the choice of functional form and why it is so important. Give three examples of how to develop the simplest form of a linear regression function such as Y i =β0 + β1 X1i +β1 X 1i +β 2 X2i +⋯+ui to better fit a given research question and data. In other words, exemplify with three different functional forms and to what data and questions these are suggested.

Answers

In regression analysis, the choice of functional form is essential because the wrong choice of functional form can lead to wrong inferences, biased and inconsistent parameter estimates and poor predictions.

Choosing the right functional form is crucial because it affects the interpretation of regression coefficients, the goodness of fit of the model, and the validity of the statistical inferences made from the mode land the available theory and knowledge.

Examples of the simplest form of linear regression functions include functional form is used when there is a linear relationship between the dependent variable (Y) and one independent variable (X1). The slope parameter (β1) represents the expected change in Y for a one-unit increase in X1 while holding other variables constant.

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When a supplier makes a downward adjustment in the amount owed by a creditor, the creditor will:
A. reduce the amount of the account payable to the supplier, and decrease an asset such as inventory.
B. increase the amount of the account payable to the supplier, and decrease an asset such as inventory.
C. reduce the amount of the account payable to the supplier, and increase cash.
D. reduce the amount of the account payable to the supplier, and decrease cash.

Answers

Answer:

d

Explanation:

When a supplier makes a downward adjustment in the amount owed , it means that the supplier reduces the total amount owed. thus the creditor would r less cash and the debtor would pay less cash

use the table and proivded and explain the law of diminshing returns

plz help asap ​

 use the table and proivded and explain the law of diminshing returnsplz help asap

Answers

Answer:

The law of diminishing returns states that at some point, the amount of additional output per amount of additional input decreases more and more as more inputs are used. In other words, at some point the marginal product will continuously decrease with more labor (input).

This is reflected in the table, where marginal product decreases past 2 units of labor. At 2 units, the marginal product is 14. This reduces to 6 at 3 units, and further to 2 with 12 units of labor.

Explanation:

Xanadu Industries manufactures and sells the same calipers as Utopia Industries. Employee wages account for 35 percent of the cost of manufacturing calipers at both Xanadu Industries and Utopia Industries. Xanadu Industries is seeking a competitive advantage over Utopia Industries. Richard, the manager put in charge of devising a strategy to meet this end, suggests lowering employee wages. This leads to a grave conflict between Richard and the labor union. Which of the following, if true, would suggest that the labor union will accept Richard's suggestion to lower the wages?
A) As they make a large number of precision instruments, caliper manufacturers receive huge volume discounts on raw materials.
B) Utopia Industries recently set up a new manufacturing facility in the vicinity.
C) Xanadu Industries has taken away 20 percent of Utopia Industries' business over the last year.
D) Utopia Industries pays its employees, on average, 10 percent more than does Xanadu Industries.
E) Many people who work for manufacturing plants live in areas in which the manufacturing plant is the only source of employment.

Answers

Answer: E) Many people who work for manufacturing plants live in areas in which the manufacturing plant is the only source of employment.

Explanation:

The scenario that'll make the labor union accept Richard's suggestion to lower the wages is when many people who work for manufacturing plants live in areas in which the manufacturing plant is the only source of employment.

The reduction in wages by Xanadu Industries wouldn't bring about loss.of workers as the manufacturing plant is the only industry in the area. Another way the company can reduce cost is through the reduction in its raw materials cost. If the employees aren't satisfied due to the reduction in wages, they can look for employment at Utopia Industry.

Therefore, the correct option is E.

Five years ago, a customer purchased 1,000 shares of ABC stock at $60 per share. The stock has appreciated in value and is currently worth $100,000. The company announces that it is spinning off a subsidiary, DEF, to its shareholders. The value of the new company being spun off equals 10% of the old company. The customer will have:

Answers

Answer:

$54,000 cost basis in ABC; $6,000 cost basis in DEF

Explanation:

The original cost basis is the price that was paid for the shares. This means that 1,000 shares at $60 each gives a cost basis of $60,000.

Now if the subsidiary DEF is worth 10% of ABC which has a cost basis of $60,000, then the share of DEF that customers will have will be 10% of $60,000.

(10÷100) x $60,000 = 0.1 x $60,000

                                = $6,000.

Now, if DEF is worth $6,000 (i.e 10%) of ABC, then ABC's worth will now be $60,000 - $6,000 = $54,000.

The original cost basis is that price that was paid for the shared initially. This means that it has no effect on the increase in value of the shares.

Cheers.

when calculating net price, why do you think loans are not deducted from sticker price even if they are typically offered to you in a financial aid package?

Answers

The reason loans are not deducted from sticker price even if they are typically offered to you in a financial aid package is that "the net price is actual money that you or any individual will be paying."

This is evident because a net price is the sticker price minus the student's financial aid, scholarships, grants, and other support.

Unlike sticker price, the net price is the college student's amount would eventually pay in his college years.

A sticker price is the whole amount of the annual or session cost of a college education.

Hence, in this case, it is concluded that college students should concentrate more on the net price instead of a sticker price.

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There are many factors that affect an organization. which factor influences an organization’s structure? the affects the way an organization is structured.

Answers

The structure of an organization varies depending on the type of business it is.

What would you say is an organization?

A group of people who work together form an organization, such as a company, homeowner's association, organization, or union. The term "organization" can be used to describe a person, a group, a business, or the ability to produce anything.

What three types of organizations are there?

Multifunctional, departmental, or matrix organizational structures are used by the majority of businesses today. Owners need weigh the merits and disadvantages from each type while making a choice which to utilize for their business.

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What is the purpose of drilling exploration wells for oil?.

Answers

Drilling exploration wells for oil is important for several reasons. Firstly, it helps companies identify potential sources of oil and assess their quality. By drilling exploration wells, companies can determine the size, depth, and geological characteristics of oil reserves.

Secondly, drilling exploration wells is crucial for determining the feasibility of oil extraction. Companies can assess the costs of drilling and producing oil, as well as the environmental and logistical challenges that come with extracting oil from a particular area. Exploration wells can also be used to test new technologies and assess their effectiveness. For example, companies can use exploration wells to test new drilling techniques and tools, or to evaluate the performance of new recovery methods. By doing this, they can improve their efficiency and reduce the cost of production.

Drilling exploration wells is also important for monitoring the oil reserves and ensuring that they are being extracted sustainably. By drilling wells and monitoring the reservoirs, companies can assess the level of oil production, measure the amount of oil remaining, and predict future trends in production. In summary, drilling exploration wells is essential for the oil industry as it helps to identify potential sources of oil, assess their quality, determine feasibility, test new technologies, and monitor the reserves to ensure sustainable production.

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Midterm Part II: Problem Sets (Be sure to label your answers to the corresponding questions) (25 Points) 1. A market research team has come up with the demand and supply schedules for gasoline in Motorville in the table below. Use these data to analyze the situation in the market for gasoline in Motorville a) Draw a graph showing the demand curve for gasoline and the supply curve of gasoline. Mark the market equilibrium price and quantity in your graph. Make sure to have price on the vertical axis and quantity on the horizontal axis. Otherwise, no credit is given. ( 2 points) b) What is the market equilibrium price and quantity? (not definition, just state the actual equilibrium price and quantity based on the information in the table) c) Suppose the price is $1.30. Describe the situation in the market and explain how the price adjusts. (there are two parts to this question)

Answers

Demand Schedule Price Quantity Demanded $1.60 7000$1.50 8000$1.40 9000$1.30 10000$1.20 11000$1.10 12000$1.00 13000Graph showing the demand curve for gasoline and the supply curve of gasoline.

The price of gasoline at $1.30 is the same as the market equilibrium price. As a result, the market is in equilibrium, and the quantity of gasoline demanded is equal to the quantity of gasoline supplied. If the price is higher than the market equilibrium price, there is a surplus of gasoline in the market. As a result, the price will eventually decrease. When the price is lower than the market equilibrium price, there is a shortage of gasoline in the market. As a result, the price will eventually increase until it reaches the market equilibrium price. Therefore, prices are adjusted through market forces that arise from the interaction of supply and demand.

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