The Mean of the Sample Means and the Standard Deviation

question 32

Multiple Choice

The mean of the sample means and the standard deviation of 50 samples of size 5 taken from a production process under control are found to be 300 and 25, respectively. The lower control limit for the chart is located at:

• A) 333.54
• B) 289.39
• C) 310.61
• D) 266.46
• E) 342.88

---

Definitions:

Prices

Monetary values assigned to goods and services in a market, determining how resources are allocated among consumers and producers.

Weak Axiom

A less stringent rule or principle that is accepted as valid, often used in economic theories to make assumptions about consumer behavior.

Revealed Preference

An economic concept suggesting that the choices consumers make reflect their preferences, assuming that their decisions will maximize their satisfaction.

Prices

The amount of money required to purchase goods or services, often determined by supply and demand dynamics.