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Apply formulas to calculate confidence intervals for population means.
Understand the concept of the error of estimation and its significance in statistical sampling.
Understand the concepts of confidence intervals, including their construction and interpretation.
Calculate the sample size needed for estimating population means within a desired margin of error at a given level of confidence when the population standard deviation is known.

Definitions:

Demand Curve

A graph showing the relationship between a product's price and the quantity of the product that consumers are willing and able to buy, typically downward sloping.

Price Setter

An entity, often a company or monopolistic seller, that has the power to determine the price of goods or services within a market.

Price Effects

Refers to the impact of price changes on the consumer's choice and the quantity demanded of goods and services.

Quantity Effects

The changes in the amount of goods or services produced or consumed in response to changes in price or other factors.

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