From Data Collected from a Sample of 100 People, You

question 133

Multiple Choice

From data collected from a sample of 100 people, you obtain a mean of 16.27 and a standard deviation of 4.56. What is the value for the standard error of the mean ?

• A) .46
• B) .05
• C) .16
• D) 4.56

---

Definitions:

Producer Surplus

The difference between the amount producers are willing to supply a good for and the actual amount received by them when they make the sale.

Consumer Surplus

The divergence between the expected payment by consumers for a product or service and the actual payment made.

Producer Surplus

The difference between the amount producers are willing and able to supply goods for versus the amount they actually receive due to market prices.

Total Surplus

The sum of consumer surplus and producer surplus, representing the total net gain to society from the production and consumption of goods and services.