A Random Sample of 100 Students Is Taken at LearnAll

question 19

Multiple Choice

A random sample of 100 students is taken at LearnAll University and it's found that their average GPA is 3.1.If this information is used to help estimate the average GPA for all students at LearnAll University,which branch of statistics was applied?

• A)Descriptive statistics
• B)Inferential statistics
• C)Sample statistics
• D)Population statistics

Comprehend the impact of geology on landscapes and human activities, using specific examples.

Grasp basic astronomical concepts including the formation of the solar system, the nature of celestial bodies, and the forces acting upon them.

Understand the basics of retirement savings and pension plans, including the calculation of benefits based on salary averages and service years.

Comprehend the fundamentals of insurance policies, including term life insurance and the financial implications for the insurer and insured.

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Definitions:

Total Product

The total quantity of output produced by a firm or economy with a given amount of inputs.

Diminishing Returns

An economic principle stating that if one factor of production is increased while others remain constant, the overall returns will eventually decrease after a certain point.

Average Product

The output per unit of a specific factor of production, calculated by dividing total production by the quantity of the employed factor.

Law of Diminishing Returns

An economic principle stating that if one factor of production is increased while other factors are held constant, the resulting increase in output will eventually decrease.