Define the Central Limit Theorem and Its Relationship to the Sampling

question 3

Essay

Define the central limit theorem and its relationship to the sampling distribution of sample means. Define how you can approximate a normal distribution from an original population
that is not normally distributed

---

Definitions:

Total Revenue

The total amount of money received by a firm from sales of its products or services before any expenses are subtracted.

Average Product

The output per unit of input, for example, the average quantity of product produced per worker or per machine.

Marginal Product

The additional output that results from using one more unit of a variable input, holding all other inputs constant.

Diminishing Returns

An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot increase proportionally.