The Sample Size Needed to Provide a Margin of Error

question 27

Multiple Choice

The sample size needed to provide a margin of error of 3 or less with a .95 probability when the population standard deviation equals 11 is

• A) 10.
• B) 11.
• C) 51.
• D) 52.

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Definitions:

Standardized

Established to have uniform procedures, dimensions, materials, or tests, to ensure consistency and comparability across different entities or products.

Economic Profits

The excess of total revenue over total costs, including both explicit and implicit costs, in economics.

Market Supply

The total amount of a good or service that producers are willing and able to sell at varying price points, at a given time.

Long Run

An economic phase characterized by the variability of all production inputs and expenses.