SCENARIO 7-7 Times Spent Studying by Students in the Week Before Final

question 201

Short Answer

SCENARIO 7-7
Times spent studying by students in the week before final exams follow a normal distribution with standard deviation 8 hours.A random sample of 4 students was taken from a population of 50 in order to estimate the mean study time for the population of all students.Use the finite population correction.
-Referring to Scenario 7-7,what is the standard error of all the sample means?

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Definitions:

Pricing Strategy

The approach businesses use to set the prices of their products or services, which can influence demand, profitability, and market positioning.

Initial Price

The starting or original cost of a product or service when it is first offered for sale.

Price-sensitive

Referring to the degree to which the demand for a product or service is affected by changes in its price.

Penetration Pricing

A pricing strategy where the price of a new product is set artificially low in order to gain market share quickly.