If Two Random Samples of Sizes 30 and 36 Are

question 14

Multiple Choice

If two random samples of sizes 30 and 36 are selected independently from two populations with means 78 and 85, and standard deviations 12 and 15, respectively, then the mean of the difference is equal to:

• A)-7
• B) 7
• C) (78 -85) / (30-36) = 1.17
• D) 78/30 - 85/36 = 0.24

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Definitions:

Producer Surplus

Producer surplus is the difference between the amount producers are willing and able to supply a good for and the actual amount they receive due to market price.

Autarky

An economic system wherein a country or entity is self-sufficient and does not engage in international trade.

Producer Surplus

The difference between what producers are willing to accept for a good or service and the actual price they receive, representing the benefit to producers.

Total Surplus

The total net gain to consumers and producers from trading in a market; the sum of the producer surplus and the consumer surplus.