Use the Table Below to Answer the Following Questions

question 107

Multiple Choice

Use the table below to answer the following questions.
Table 3.5.3
Demand and supply schedules for designer sport t-shirts at CoolU

-Refer to Table 3.5.3.In a television interview,Joe Cool shows off his designer sport t-shirt,setting off a new craze that doubles business at the sportswear establishments.The quantity of t-shirts demanded doubles at each price.The new equilibrium price is $________ and the new equilibrium quantity is ________ t-shirts per month.

• A)12;240
• B)8;400
• C)16;400
• D)12;120
• E)16;200

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Definitions:

Standard Normal Distribution

A probability distribution that has a mean of 0 and a standard deviation of 1, representing a standardized version of the normal distribution.

Less Than

A mathematical expression indicating that one quantity is smaller than another.

Z-scores

Standardized scores that indicate the number of standard deviations a data point is from the mean.

Standard Normal Distribution

A probability distribution that has a mean of zero and a standard deviation of one, commonly used in statistics.