TABLE 8-1 A Random Sample of 100 Stores from a Large Chain

question 272

True/False

TABLE 8-1
A random sample of 100 stores from a large chain of 500 garden supply stores was selected to determine the mean number of lawnmowers sold at an end-of-season clearance sale. The sample results indicated a mean of 6 and a standard deviation of 2 lawnmowers sold. A 95% confidence interval (5.623 to 6.377) was established based on these results.
-Referring to Table 8-1, there are 10 possible samples of 100 stores that can be selected out of the population of 1,000 stores.

Grasp the basic postulate of economics that incentives matter.

Understand the implications of economizing behavior and marginal changes.

Recognize the value of information in making economic decisions.

Analyze the effects of policies and costs on economic decisions.