Acompany produces steel rods. the lengths of the steel rods are normally distributed with a mean of 236.8-cm and a standard deviation of 1.3-cm. for shipment, 29 steel rods are bundled together. find the probability that the average length of a randomly selected bundle of steel rods is between 236.5-cm and 236.7-cm. p(236.5-cm < m < 236.7-cm) =

Transform M to the standard normally distributed random variable Z via

where and are the mean and standard deviation for , respectively. Then

0.0606.                        .                

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Part a:  What will be the equilabrium price that Dumphy and Funke will charge?

Price charged = $30

Part b: What are the profits for Dumphy and Funke at the equilibrium price?

Profit on equilibrium price = $0

Part c: What type of competition would Funke and Dumphy likely engage in after the decrease in demand?

Price competition

Explanation:

Part a:  What will be the equilabrium price that Dumphy and Funke will charge?

Price charged by each of the artists will be equal to their marginal cost.

Thus, equilibrium P = MC = $30.

Part b: What are the profits for Dumphy and Funke at the equilibrium price?

Equilibrium profits will be 0 at the equilibrium because price charged is equal to MC, leading to no profits.

Part c: What type of competition would Funke and Dumphy likely engage in after the decrease in demand?

Price competition - as changes in price will lead to changes in demand and thus sales