A Normal Population Has a Standard Deviation of 15

question 95

Short Answer

A normal population has a standard deviation of 15. How large a sample should be drawn to estimate the population mean to within 1.5 with 95% confidence?

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Definitions:

Marginal Cost

The increment in sum total cost that comes with the production of an additional single unit of a good or service.

Marginal Revenue

The boost in revenue achieved by selling an additional unit of a good or service.

Price Taker

A buyer or seller that is unable to influence the market price of a product or service.

Marginal Revenue Curve

A graphical representation showing how the revenue from selling one more unit of a good or service changes as production volume changes.