TABLE 7-3 The Lifetimes of a Certain Brand of Light Bulbs Are

question 118

Essay

TABLE 7-3
The lifetimes of a certain brand of light bulbs are known to be normally distributed with a mean of 1,600 hours and a standard deviation of 400 hours. A random sample of 64 of these light bulbs is taken.
-Referring to Table 7-3, the probability is 0.20 that the sample mean lifetime differs from the population mean lifetime by at least how many hours?

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Definitions:

Excess Burden

The cost to society created by market inefficiency, particularly through the misallocation of resources or distortions in the market.

Excess Burden

The cost to society created by market inefficiency, often associated with the distortionary effects of taxes and subsidies.

Tax Revenue

The income that is gained by governments through taxation, used to fund public services and government obligations.

Excess Burden

The economic loss that society suffers due to market inefficiencies or taxes beyond the collected tax revenue.