For a Continuous Random Variable X,the Population Mean and the Population

question 8

Short Answer

For a continuous random variable x,the population mean and the population standard deviation are 82 and 18,respectively.You take a simple random sample of 25 elements from this population.The mean of the sampling distribution of the sample mean is:

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Definitions:

Long Run

A period in economics where all factors of production and costs are variable, allowing companies to adjust to new conditions.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the total quantity produced, indicating the cost per unit of product.

Marginal Revenue

The additional income received from selling one more unit of a good or service.

Industry Supply Curve

A graphical representation showing the total quantity of a good or service that producers in an industry are willing and able to supply at different price levels.