Assume that Pottery Barn decides to adjust their price sligh…

Assume that Pottery Barn decides to adjust their price slightly a few months from now by increasing the current price (found in the table just below the scenario text) by $225.  In response, assume that demand for their sofas decreased by 4 units during that month from their original monthly unit sales (also in the table just below the scenario text).  Based on all of this information, calculate the price elasticity of demand for these sofas.    As a summary: Old Price = $975; New Price = $1,200 Old Quantity = 32; New Quantity = 28

This is a problem about calculating the probability that a r…

This is a problem about calculating the probability that a random variable is in a given interval. The PDF is specified up to a constant. More explicitly, we have a continuous random variable with pdf that is a constant from 0 to [x], and the pdf is zero elsewhere. What is the probability that this random variable is between [a] and [b]?