The Population of Incomes in a Community College in Iowa

question 79

True/False

The population of incomes in a community college in Iowa is thought to be highly skewed to the right with a mean equal to $38,765 and a standard deviation equal to $2,640. Based on this information, if a sample of size 36 is selected at random, then the highest sample mean that we would expect to see would be approximately $40,085.

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Definitions:

Bound

Bound refers to being legally or ethically obligated; in a legal context, it often means being tied by a contract or an agreement.

Consideration

A fundamental concept in contract law that refers to something of value exchanged between parties, which is required for a contract to be legally enforceable.

Negligently

Acting with a lack of reasonable care or concern for the consequences, leading to potential harm or damage.

Legal Detriment

A concept in contract law where a party receives something of value in exchange for foregoing a legal right, forming a basis for a binding agreement.