Number of Fish Tanks
the Following Data Give the Number

question 35

Essay

Number of Fish Tanks
The following data give the number of fish tanks owned for a population of 4 families.
$$\begin{array} { | l | c c c c | } \hline \text { Family } & \text { A } & \text { B } & \text { C } & \text { D } \\\hline \text { Number af Fish Tanks Owned } & 2 & 1 & 4 & 3 \\\hline\end{array}$$
-{Number of Fish Tanks Narrative} A sample of size 2 is drawn at random from the population.Use the formulas $\mu _ { \bar { x } } = \mu$ and $\sigma _ { \bar { x } } = \frac { \sigma } { \sqrt { n } } \sqrt { \frac { N - n } { N - 1 } }$ to calculate the mean and the standard deviation of the sampling distribution of the sample means.

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Definitions:

Total Utility

The overall satisfaction or benefit a consumer receives from consuming a certain quantity of a good or service.

Marginal Utility

The additional satisfaction or benefit gained from consuming one more unit of a good or service.

Money Income

The total amount of monetary earnings or receipts a person or household receives within a specific period.

Utility-Maximizing

The behavior or principle where individuals or entities choose options that increase their satisfaction or utility to the greatest extent.