The Sample Size Needed to Estimate a Population Mean to Within

question 44

Short Answer

The sample size needed to estimate a population mean to within 2 units with a 95% confidence when the population standard deviation equals 8 is: $\begin{array}{|l|l|}\hline\text { A. } & 9 . \\\hline \text { B. } & 61 . \\\hline \text { C. } & 62 . \\\hline \text { D. } & 8 .\\\hline\end{array}$

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Definitions:

Domestic Price

The price of goods or services within a country’s borders, influenced by local demand, supply, taxes, and other factors.

Oil Barrels

A standard unit of measure for crude oil and petroleum products, equivalent to 42 US gallons.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors, enabling trade benefits.

Free Trade

International commerce that operates naturally without the interference of tariffs, quotas, or restrictions.