Use the Given Values of N and P to Find

question 71

Multiple Choice

Use the given values of n and p to find the minimum usual value µ - 2? and the maximum usual value µ + 2?
-n = 94, p = 0.20

• A)Minimum: 11.04; maximum: 26.56
• B)Minimum: 14.92; maximum: 22.68
• C)Minimum: 26.56; maximum: 11.04
• D)Minimum: -11.28; maximum: 48.88

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Definitions:

Government-imposed Maximum Price

A legally set ceiling on the price at which a good or service can be sold, typically to protect consumers from excessively high prices.

Economic Impact

The effect of an event, policy, or market condition on the economy, which can be observed in changes to GDP, employment, or investment.

Price Floor

A government-imposed limit on how low a price can be charged for a product, typically above the equilibrium price to help producers.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price over a specified period.