Use the Following Information to Answer the Question

question 10

Multiple Choice

Use the following information to answer the question. A sprint duathlon consists of a 5 km run, a 20 km bike ride, followed by another 5 km run. The mean finish time of all participants in a recent large duathlon was 1.67 hours with a standard deviation of 0.25 hours. Suppose a random sample of 30 participants in the 40-44 age group was taken and the mean finishing time was found to be 1.62 hours with a standard deviation of 0.40 hours.
-Suppose we were to make a histogram of the finishing times of the 30 participants in the 40-44 age group. Would the histogram be a display of the population distribution, the distribution of a
Sample, or the sampling distribution of means?

• A) distribution of a sample
• B) sampling distribution of means
• C) population distribution

Define Nash equilibrium and identify conditions for its existence in various market structures.

Calculate the profit-maximizing output and price for monopolists and firms in oligopolistic competition.

Distinguish between different market equilibriums: Cournot, collusion, and competitive.

Recognize characteristics of oligopolistic markets and how they differ from other market structures.

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Definitions:

Formula

An expression or equation that describes a mathematical relationship between quantities.

Slope Value

It's the calculation of how slanted a line is, determined by dividing the vertical movement by the horizontal movement between any two points on the line.

Points

Specific locations in two-dimensional or three-dimensional space, typically defined by coordinates.