Larry sells sweatshirts at football games.The quantity supplied to him is sometimes less than he ordered.The probability distribution below shows the probability of these shortages.
Simulate the average number of shortages for 15 consecutive orders, using the following single digit random numbers: 1, 6, 8, 3, 4, 5, 7, 0, 3, 8, 9, 3, 2, 4, 2.
Definitions:
Price Elasticity
A measure of how much the quantity demanded of a good or service changes in response to a change in its price.
Price Elasticity
A measure of the responsiveness of quantity demanded or supplied of a good to a change in its price.
Midpoint Formula
A method used in economics to calculate the elasticity of demand or supply by taking the average of the initial and final prices and quantities.
Total Revenue
The total amount of money a company receives from its goods or services, calculated by multiplying the price per unit by the number of units sold.
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