Assume That for an In-Control Process, the Random Variable of Interest

question 86

Multiple Choice

Assume that for an in-control process, the random variable of interest X has a normal distribution with mean value $\mu$ and standard deviation $\sigma$ . If $\bar { X }$ denotes the sample mean for a random sample of size n selected at a particular time, then

• A) \(E ( \bar { X } ) = \mu\)
• B) \(\sigma _ { \bar { x } } = \sigma / \sqrt { n }\)
• C) \(\bar { X }\)
• Has a normal distribution.
• D) All of the above are true.
• E) None of the above are true.

---

Definitions:

Demand

Refers to the quantity of a particular good or service that consumers are willing and able to purchase at various prices during a given period of time.

Price-Elastic

Describing a situation where the demand for a product significantly changes in response to changes in its price.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers, normally downward sloping.

Revenue

The income that a business receives from its normal business activities, usually from the sale of goods and services to customers.