Parking at a Large University Has Become a Very Big

question 8

Multiple Choice

Parking at a large university has become a very big problem. University administrators are interested in determining the average parking time (e.g. the time it takes a student to find a parking spot) of its students. An administrator inconspicuously followed 250 students and carefully recorded their parking times. Identify the sample of interest to the university administration.

• A) the 250 students that data was collected from
• B) the entire set of students that park at the university
• C) a single student that parks at the university
• D) the parking time, defined to be the amount of time the student spent finding a parking spot

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Definitions:

Normal Profits

The level of profit that is necessary for a business to remain competitive in the market, typically equal to the opportunity cost of the capital employed.

Plant Size

The capacity or physical dimensions of a facility where goods are manufactured or processed.

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at different price levels.

Plant Capacities

The maximum amount of products or services that a facility can produce over a given period of time under normal operating conditions.