Following Table Gives Information About the Price,number of Units Sold,and

question 14

Essay

Following table gives information about the price,number of units sold,and total costs incurred for a product.Use the concept of marginal analysis and find the optimal price for the product.

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Definitions:

Population Variances

The squared deviations of a population's values from the mean, indicating how widely the population data is spread out.

Pooled Proportion Estimate

A method to estimate the combined proportion of two or more groups by pooling their successes and trials.

Proportion of Successes

It is the fraction of successes in a series of Bernoulli trials, representing the number of successes divided by the total number of trials.

Sample Sizes

The number of individuals or observations included in a sample, crucial for determining the study's statistical power.