Table 7-4
for Each of the Three Potential Buyers of Apples

question 62

Multiple Choice

Table 7-4
For each of the three potential buyers of apples, the table displays the willingness to pay for Bob, Sasha, and Eric, who are the only three buyers of apples. Assume that only three apples can be supplied per day.
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$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {Willingness to Pay}$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {(Dollars) }$
$\begin{array}{|c|c|c|c|} \hline& \text { First Apple } & \text { Second Apple } & \text { Third Apple } \\\hline \text { Bob } & 2.00 & 1.50 & 0.75 \\\hline \text { Sasha } & 1.50 & 1.00 & 0.60 \\\hline \text { Eric } & 0.75 & 0.25 & 0.00 \\\hline\end{array}$

-Refer to Table 7-4. The market quantity of apples demanded per day is exactly seven if the price of an orange, P, satisfies

• A)$0.60 < P < $0.75.
• B)$0.60 < P < $2.00.
• C)$0.25 < P < $0.75.
• D)$0.25 < P < $0.60.

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Definitions:

Standard Error

A measure of the variability or dispersion of a sample statistic, indicating its precision as an estimate of the population parameter.

Sample Median

The middle value of a sample when the values are arranged in ascending or descending order, or the average of the two middle values if there is an even number of observations.

Resamples

The process of taking repeated samples from observed data, often used for bootstrapping or validating statistical models.

Bootstrap Confidence Interval

A method for estimating the confidence interval of a parameter by resampling with replacement from the data set and calculating the interval for each sample.