Information Regarding the Price of a Roll of Camera Film

question 26

Short Answer

Information regarding the price of a roll of camera film 35 mm, 24 exposure) for a sample of 12 cities worldwide is shown below. Determine a 95% confidence interval for the population mean.
Price of Film Information
$\begin{array}{ll}\text { Mean } & 5.3667 \\\text { Standard Error } & 0.7409 \\\text { Median } & 4.8700 \\\text { Standard Deviation } & 2.5666 \\\text { Sample Variance } & 6.5873 \\\text { Kurtosis } & 4.0201\\\text { Skewness } & 1.8041 \\\text { Range } & 9.4100 \\\text { Minimum } & 2.7300 \\\text { Maximum } & 12.1400 \\\text { Sum } & 64.4000 \\\text { Count } & 12 .0000\end{array}$

---

Definitions:

Perfectly Inelastic

Perfectly inelastic describes a market situation where the demand for a product does not change in response to a change in price.

Upsloping

Characteristic of a curve or line that rises as it moves to the right, often used in economics to describe certain supply curves or cost functions.

Incentive Function

The role of incentives in influencing the behavior and decisions of individuals or organizations.

Competitive Markets

Markets characterized by a large number of buyers and sellers, where no single entity controls the market prices.