SCENARIO 15-8
Recently, a university switched to a new type of computer-based registration.The registrar is concerned with the amount of time (hours) students are spending on the computer registering under the new system.She decides to randomly select 8 students on each of the 12 days of the registration and determine the time each spends on the computer registering.The range, mean, and standard deviation of the times required to register are in the table that follows.
-Referring to SCENARIO 15-8, an X chart is to be used for the time required to register.The center line of this chart is located at . 
Definitions:
Perfect Competition
A market structure characterized by a large number of small firms, a homogenous product, perfect information, and easy entry and exit, leading to firms being price takers.
Marginal Decision Rule
A principle stating that an action should be taken if, and only if, the marginal benefit of the action exceeds its marginal cost.
Marginal Revenue
The extra revenue gained from the sale of an additional unit of a product or service.
Perfect Competition
A market structure characterized by many buyers and sellers, freedom of entry and exit, and a homogeneous product.
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