A University System Enrolling Hundreds of Thousands of Students Is

question 49

Short Answer

A university system enrolling hundreds of thousands of students is considering a change in the way students pay for their education.Currently,the students pay $400 per credit hour.The university system administrators are contemplating charging each student a set fee of $7,000 per quarter,regardless of how many credit hours each takes.To see if this proposal would be economically feasible,the administrators would like to know how many credit hours,on the average,each student takes per quarter.A random sample of 250 students yields a mean of 14.1 credit hours per quarter and a standard deviation of 2.3 credit hours per quarter.Suppose the administration wanted to estimate the mean to within 0.1 hours at 95% reliability and assumed that the sample standard deviation provided a good estimate for the population standard deviation.How large a total sample would they need to take?

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Definitions:

Clearing Time

The period between the initiation of a transaction and its settlement, during which the transaction is processed and validated.

Working Capital

The difference between a company's current assets and current liabilities, indicating the short-term liquidity and operational efficiency of the business.

Working Capital

The difference between a company's current assets and current liabilities, indicating the short-term financial health and operational efficiency of a business.

Day-To-Day Basis

Refers to activities or operations that are performed on a daily basis, signifying regular, everyday tasks or duties.