A Study Is Going to Be Conducted in Which a Population

question 90

Multiple Choice

A study is going to be conducted in which a population mean will be estimated using a 92% confidence interval.The estimate needs to be within 12 of the actual population mean.The population variance is estimated to be around 2500.The necessary sample size should be at least _______.

• A)15
• B)47
• C)54
• D)638
• E)700

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Definitions:

Administered Prices

Prices that are set by a manufacturer, company, or regulatory body rather than being determined by market supply and demand.

Market Structures

The organizational and competitive characteristics of markets, including aspects like the number of sellers and degree of product differentiation.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded, typically downward sloping, showing an inverse relationship between price and quantity demanded.

Concentration Ratio

A measure used in economics to assess the extent of market control by the top firms in an industry.