Use the Following Information to Answer Questions (1) - (4)

question 3

Essay

Use the following information to answer questions (1) - (4). 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 male participants in a recent large duathlon
was 1.54 hours with a standard deviation of 0.22 hours. The distribution of finish times for males is right-skewed.
Suppose that a sample of 30 randomly selected male participants is selected.
-Suppose that the process of drawing samples of size 30 from the population of all male participants is repeated 100 times. If possible, sketch and describe what the sampling distribution of the means will look like and state the approximate mean value of the distribution. Round to the nearest thousandth.

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Definitions:

Unit Elastic

A situation in which a one percent change in price causes an equal percentage change in quantity demanded or supplied.

Very Inelastic

Describes a situation where the demand or supply for a product is barely affected by changes in the price.

Calculate Elasticity

entails determining the degree to which the quantity demanded or supplied of a good changes in response to a change in its price.

Unit Elastic

A situation in which the percentage change in quantity demanded or supplied is equal to the percentage change in price.