A Simple Random Sample of 36 Items Resulted in a Sample

question 126

Short Answer

A simple random sample of 36 items resulted in a sample mean of 40 and a standard deviation of 12. Construct a 95% confidence interval for the population mean.

---

Definitions:

Natural Monopoly

A market situation where due to high fixed costs or barriers to entry, it is most efficient for production to be concentrated in a single firm.

Economies Of Scale

The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.

Monopolist

A solo seller in a market who has significant control over the pricing and availability of a unique product or service.

Profit-Maximizes

The method or approach of modifying production and pricing to secure the maximum achievable profit.