The Central Limit Theorem States That If a Random Sample $$\bar { X }$$

question 40

Short Answer

The central limit theorem states that if a random sample of size n is drawn from a population, then the sampling distribution of the sample mean $$\bar { X }$$ : $\begin{array}{|l|l|}\hline A&\text { is approximately normal if \( n>30 \).}\\\hline B&\text { is approximately normal if \( n<30 \).}\\\hline C&\text { is approximately normal if the underlying population is normal.}\\\hline D&\text { has the same variance as the population.}\\\hline \end{array}$

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Definitions:

Demand

The desire of consumers to purchase goods and services at given prices, which is a fundamental concept in economics determining market dynamics.

Long-Run Average Cost Curve

A graphical representation showing the minimum average cost at which any output level can be produced when all inputs are variable in the long run.

Short-Run

A timeframe in economics where at least one input, such as capital or labor, is fixed, limiting the ability of businesses to adjust production immediately.

Tangent

In economics, it represents a point where two curves touch, often used in optimization problems to find equilibrium points.