THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 6

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Given a population with mean μ=120 and variance σ² = 81,the central limit applies when the sample size is large-enough.A random sample of size n = 36 is obtained.
-What is the probability that the sample mean is between 118 and 121?

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Definitions:

Variable Costing

Variable costing is an accounting method that only considers variable costs (costs that change with production levels) when calculating the cost of goods sold or produced.

Total Product Cost

Total product cost includes all the direct and indirect costs incurred to produce a product, encompassing materials, labor, and overhead.

Per Unit

This term describes the cost, price, or some other financial metric on a single-item basis.

Variable Costing

An accounting method that only incorporates variable costs (costs that change with production levels) in product costing and decision-making.