A Worker Was Observed for Four Cycles of a Repetitive

question 90

Multiple Choice

A worker was observed for four cycles of a repetitive operation. The observed times for work elements are 11, 10, 8, and 11 seconds, respectively. What sample size is appropriate for estimating the time for this work element within + 3 percent of the True mean time with 95 percent confidence (z = 1.96) ?

• A) fewer than or equal to 70
• B) greater than 70 but fewer than or equal to 75
• C) greater than 75 but fewer than or equal to 80
• D) greater than 80

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Definitions:

Long-Run Economic Profit

The excess revenue over costs, including opportunity costs and explicit costs, that a firm realizes when all inputs are considered variable, typically assumed in a period where firms can enter or exit the industry.

Potential Rivals

Companies or entities not currently in the market but possess the capability to enter and compete effectively.

Monopoly

A market structure characterized by a single seller, selling a unique product in the market.

Marginal Revenue

The increase in revenue resulting from the sale of one additional unit of a product or service.