To Estimate with 95% Confidence the Mean of a Normal

question 145

True/False

To estimate with 95% confidence the mean of a normal population whose standard deviation is assumed to be 4 and the maximum allowable sampling error is assumed to be 1,requires a random sample of size 62.

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Definitions:

Output Effect

The impact on total production and economic output resulting from changes in price levels, influencing the quantity supplied or demanded.

Marginal Physical Product

The additional output that can be produced by adding one more unit of a specific input, while holding other inputs constant.

Additional Output

The extra amount of production generated as a result of increasing inputs or improving efficiency.

Productivity

A measure of the efficiency of production, often expressed as the ratio of outputs to inputs in a production process.