The Manager of a Grocery Store Has Taken a Random

question 79

Multiple Choice

The manager of a grocery store has taken a random sample of 144 customers. The average length of time it took these 144 customers to check out was 3 minutes. It is known that the standard deviation of the population of checkout times is 1 minute. The standard error of the mean equals

• A) .008.
• B) .833.
• C) .083.
• D) 1.000.

---

Definitions:

Variable Costs

Costs that vary directly with the level of production or output.

Yearly Return

The percentage of increase or decrease in the value of an investment over a one-year period.

Maximize

To increase to the greatest possible amount or degree.

Minimize

To reduce something to the smallest possible level or amount.