A Simple Random Sample of 36 Observations Was Taken from a Large

question 78

Multiple Choice

A simple random sample of 36 observations was taken from a large population. The sample mean and the standard deviation were determined to be 360 and 120 respectively. The standard error of the mean is

• A) 3.33.
• B) 3.
• C) 10.
• D) 20.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to a second party when the latter has reasonably relied on that promise to their detriment.

Unilateral Contracts

Unilateral contracts are agreements in which one party makes a promise in exchange for the other party's performance, not a promise of performance.

Revocation

The act of withdrawing, cancelling, or repealing a right, offer, contract, or privilege.

Firm Offer

An irrevocable offer made in a commercial context that remains open for a specified period of time, often used in the sale of goods.