A Random Sample of 144 Bottles of Cologne Showed an Average

question 7

Multiple Choice

A random sample of 144 bottles of cologne showed an average content of 4 ounces. It is known that the standard deviation of the contents (i.e., of the population) is 0.3 ounces. The standard error of the mean equals

• A) 0.3333.
• B) 0.15.
• C) 0.025.
• D) 4.000.

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Definitions:

Bid

An offer of a price by a buyer to a seller for goods, services, or financial assets.

Revenue

The income generated from normal business operations and includes discounts and deductions for returned merchandise.

Probability Distribution

A statistical function that describes all the possible values and likelihoods that a random variable can take within a given range.

Reservation Price

The highest price a person is prepared to spend on a product or service.