You Are the Owner of a Camping Site That Has

question 2

Multiple Choice

You are the owner of a camping site that has a small pond with fish, and you want to know approximately how many fish are currently in the pond.For this purpose, you catch 30 fish and mark them with a special ink that will take a few days to be washed away.The ink doesn't affect the fish in any way.The fish are returned promptly to the pond after being marked.The next day at the same time of day you return and catch 30 fish, and you find out that 5 of these fish are marked.

• A)This is an example of descriptive statistics, because you are describing the number of fish in the pond.
• B)This is not an example of statistics.
• C)This is an example of inferential statistics, because you will use the catch on the second day to infer the population of fish.
• D)This is an example of descriptive statistics as the goal was to determine the proportion marked out of the 30 caught the second day.
• E)This procedure would not allow you to estimate the population of fishes.

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Definitions:

Producing Products

The process of creating goods or services to be sold to consumers involving stages from design to manufacturing.

MU/P

MU/P represents the ratio of marginal utility (MU) to the price (P) of a good, indicating the additional satisfaction gained per unit of currency spent.

Total Utility

The total amount of satisfaction or fulfillment a consumer gains from consuming a given amount or quantity of goods or services.

New Product

A new product is an item or service that has been recently developed or significantly improved, offering new features or benefits to the market.