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Videocassette recorder (VCR) tapes are designed so that users can repeatedly record new material over old material. However, after a number of re-recordings the tape begins to deteriorate. A VCR tape manufacturer is experimenting with a new technology, which hopefully will produce longer-lasting tapes. Thirty of the old-style tapes and 30 utilising the new technology were used in an experiment. The tapes were used to record and re-record programs until they began to deteriorate. The number of re-recordings is assumed to be normally distributed. It is generally accepted that the number of re-recordings should exceed 55. Any tapes that do not meet this criterion are considered to be unacceptable. The number of re-recordings were observed and shown in the accompanying table.
Estimate with 90% confidence the population variance of the number of re-recordings of the new tape.
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Store of value is a function of money that allows it to retain purchasing power over time, enabling people to save it and use it in the future.
Fundamental Questions
Basic economic queries that address what to produce, how to produce, and for whom to produce, guiding resource allocation.
Economy
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Goods and Services
The tangible products (goods) and intangible items (services) that are produced and provided to meet the needs and wants of consumers.
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