A Simple Random Sample of 5 Observations from a Population

question 96

Multiple Choice

A simple random sample of 5 observations from a population containing 400 elements was taken, and the following values were obtained. 15
19
21
24
31
A point estimate of the mean is

• A) 4.
• B) 22.
• C) 21.
• D) 110.

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Definitions:

Tax Per Unit

A fixed amount of tax imposed on a product or service, regardless of its selling price.

Producer Surplus

The divergence between what producers are prepared to agree on for a sale of goods or services and the resultant financial gain.

Consumer Surplus

represents the difference between what consumers are willing to pay for a good or service and what they actually pay, indicating economic welfare.

Tax Revenue

The income generated by the government through the imposition of taxes on goods, services, income, and transactions.