You Want to Estimate σ for the Population of Waiting

question 26

Essay

You want to estimate σ for the population of waiting times at McDonald's drive-up windows, and you want to be 95% confident that the sample standard deviation is with 20% of σ. Find
the minimum sample size. Is this sample size practical?

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Definitions:

Economic Profit

The total revenue of a business minus its explicit and implicit costs.

Government Regulation

Policies and rules established by government bodies to control and guide the activities of businesses and individuals within the society.

Government Ownership

Refers to assets and enterprises owned by the government or public authorities, intended for public benefit or strategic interests.

Short Run

A timeframe in economics where at least one factor of production is fixed, limiting immediate adjustments to changes in demand or supply.