Solve the Problem $$\begin{array} { r r r r r } 1 & 3 & 2 & 1 & 4 \\23 & 40 & 24 & 16 & 31 \\1 & 19 & 12 & 2 & 37\end{array}$$

question 48

Multiple Choice

Solve the problem. Round your answer to one decimal place unless otherwise indicated.
-A long-distance phone company wishes to estimate the mean duration of long-distance calls originating in california. A random sample of 15 long-distance calls originating in California yields the following call durations, in minutes.

$$\begin{array} { r r r r r } 1 & 3 & 2 & 1 & 4 \\23 & 40 & 24 & 16 & 31 \\1 & 19 & 12 & 2 & 37\end{array}$$
Use the data to obtain an estimate of the mean call duration for all long-distance calls originating in California.

• A)14.4 minutes
• B)15.2 minutes
• C)14.6 minutes
• D)14.9 minutes

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Definitions:

Demand Equals Supply

An equilibrium condition in markets where the quantity of a good demanded by consumers is equal to the quantity of the good supplied by producers.

Numeraire

is a standard unit of measurement in economic models used to express prices and exchange rates.

Edgeworth Box

A diagram used in economics to show the distribution of resources and the allocation of goods in a two-person, two-good economy.

Contract Curve

In economics, the curve that represents the set of Pareto efficient allocations in an Edgeworth Box diagram.