The Net Incomes (In $Millions)of a Sample of Steel Fabricators

question 22

Multiple Choice

The net incomes (in $millions) of a sample of steel fabricators are $86,$67,$86,and $85. What is the modal net income?

• A)$67
• B)$85
• C)$85.5
• D)$86

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Definitions:

Sampling Distribution

A distribution showing the probability of various outcomes for a specific statistic, coming from a random sample, and used for inferential purposes about the population.

Sampling Distribution

The probability distribution of a statistic based on random samples from a population, often used to make inferences about the population.

Business Situations

Various contexts or scenarios in the business world that require decision making or analysis.

Standard Error

A measure of the variability or precision of the sample mean estimate of a population mean, reflecting how much the sample mean would vary if the study were repeated.