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

question 49

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.
-Calculate the standard error for the mean finish time of 30 randomly selected male participants. Show all your work and round to the nearest thousandth.

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Definitions:

Concentration Ratio

A measure of the total output produced in an industry by a given number of firms, used to assess the level of market concentration and competition.

Corporate Concentration

The degree to which a small number of firms control a large market share of the total output or sales within an industry.

Herfindahl-Hirschman Index

A measure of market concentration to evaluate the competitive landscape, calculated by summing the squares of the market shares of all firms in the industry.

Herfindahl-Hirschman Index

A measure of market concentration and competition, calculated by squaring the market share of each firm competing in a market and summing the resulting numbers.