Use the Given Values of N=1205 and $\mu - 2 \sigma \text {, }$

question 14

Multiple Choice

Use the given values of n=1205 and p=0.98 to find the minimum value that is not significantly low, $\mu - 2 \sigma \text {, }$ and the maximum value that is not significantly high, $\mu + 2 \sigma$ Round your answer to the nearest hundredth unless otherwise noted.

• A) Minimum: 1171.18 ; maximum: 1190.62
• B) Minimum: 1176.04 ; maximum: 1185.76
• C) Minimum: 1190.62 ; maximum: 1171.18
• D) Minimum: 1174.03 ; maximum: 1187.77

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Definitions:

Burden of a Tax

The economic impact of a tax on the welfare of buyers and sellers, which can affect market behavior and economic efficiency.

Perfectly Elastic

A situation in economics where the quantity demanded or supplied changes by an infinite amount in response to any change in price.

Perfectly Inelastic

A market scenario where a change in price does not affect the quantity demanded or supplied, often represented with a vertical demand or supply curve.

Demand Curve

An illustrated chart that represents how the price of a good or service affects its demand within a certain period.