If the Amount of Gasoline Purchased Per Car at a Large

question 82

True/False

If the amount of gasoline purchased per car at a large service station has a population mean of 15 gallons and a population standard deviation of 4 gallons and a random sample of 64 cars is selected,there is approximately a 95.44% chance that the sample mean will be between 14 and 16 gallons.

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Definitions:

Utility Function

A mathematical representation that describes how a consumer ranks different bundles of goods according to the level of satisfaction obtained from them.

Consumption

The process by which individuals or households use goods and services to fulfill their needs and wants.

Income

Money that an individual or business receives, typically as a return on investment, labor, or sale of goods and services.

Interest Rate

The fraction of a loan incurred as interest by the borrower, often represented as an annual percentage of the remaining loan balance.