A Random Sample of 15 Statistics Textbooks Has a Mean

question 45

Multiple Choice

A random sample of 15 statistics textbooks has a mean price of $105 with a standard deviation of $30.25. Determine whether a normal distribution or a t-distribution should be used or whether neither of these can be
Used to construct a confidence interval. Assume the distribution of statistics textbook prices is not normally
Distributed.

• A)Cannot use normal distribution or t-distribution.
• B)Use normal distribution.
• C)Use the t-distribution.

---

Definitions:

Utilization

The measure of how efficiently resources, such as labor, equipment, and capacity, are being used in the production or service delivery process.

Break-even Point

The level of production or volume of sales at which total revenues equal total expenses, resulting in no net profit or loss.

Variable Cost

Costs that vary directly with the level of output or production, such as materials and labor.

EMV

Expected Monetary Value, a concept in decision making and risk management that calculates the average outcome when the future includes scenarios that may or may not happen.