Suppose a Population Has a Mean of 870 and a Variance

question 27

Multiple Choice

Suppose a population has a mean of 870 and a variance of 8,100.If a random sample of size 36 is drawn from the population, the probability that the sample mean is between 840 and 900 is closest to _______.

• A)0.9544
• B)0.6826
• C)0.8185
• D)0.5899
• E)0.0897

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Definitions:

Accounting Profit

Total revenue minus total explicit cost

Economic Profit

The distinction in the amount between total sales and all costs, inclusive of apparent and implied expenses.

Marginal Revenue

The extra revenue generated from the sale of an additional unit of a product or service, essential for establishing the best production quantities.

Marginal Cost

The increase in total cost that arises from producing one additional unit of goods or services.