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An automotive repair shop has determined that the average service time on an automobile is 2 hours with a standard deviation of 32 minutes. A random sample of 64 services is selected.
a.What is the probability that the sample of 64 will have a mean service time greater than 114 minutes?
b.Assume the population consists of 400 services. Determine the standard error of the mean.
Oligopoly
A market structure in which a few large firms dominate the industry, influencing the price and production of goods.
Industry Market Structure
The organizational characteristics of a market, defined by the level of competition, number of firms, and the nature of product differentiation.
Market Price
The actual price at which any commodity is traded in the market, determined by supply and demand.
Price Elastic
A term possibly intending to describe price elasticity, which measures how much the quantity demanded of a good responds to a change in its price.
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