SOLUTION: 1.Let p = the price in dollars charged for the dose of a drug. Suppose that the annual demand (in millions of doses) = 1000 - 3p. The annual supply (in millions of doses) = 600 + 2

Question 1081237: 1.Let p = the price in dollars charged for the dose of a drug. Suppose that the annual demand (in millions of doses) = 1000 - 3p. The annual supply (in millions of doses) = 600 + 2p. The annual supply will equal the annual demand if the price of a dose is ______ dollars.
2.A roulette wheel contains the integers 1 through 36, 0, and 00. Suppose that you spin the wheel 6 times and that each time you bet on a single number. What is the probability (rounded to the nearest hundredth) that you win on at least one bet?
0.09
0.11
0.13
0.15
None of the above
3.Smalltown Elevator produces elevator rails. To meet specifications, an elevator rail must be between 0.995 inches and 1.005 inches in diameter. Suppose that the diameter of an elevator rail follows a normal random variable with mean of 1 inch and standard deviation of 0.003 inches. Rounded to the nearest one tenth of one percent, what fraction of all elevator rails will meet specifications?
90.4%
95.2%
93.4%
97.3%
None of the above
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
1000-3p=600+2p
500=5p
p=100 dollars
========================================
There are 38 possibilities
probability win on at least one is 1- probability you don't win anything on the three, which is 1-(37/38)^6=0.1479. Choose 15.0%
=======================================
z=(x-mean)/sd
=+/-0.005/0.003=+/- 1.6667
Probability is 0.9044 or 90.44%. Choose 90.4%

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