To Estimate the Mean of a Normal Population Whose Standard

question 132

Multiple Choice

To estimate the mean of a normal population whose standard deviation is 6,with a bound on the error of estimation equal to 1.2 and confidence level 99% requires a sample size of at least:

• A)166
• B)167
• C)13
• D)None of these choices.

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Definitions:

Variable Cost

Costs that change in proportion to the level of activity or volume of goods produced in a business.

Marginal Cost

The increase in cost that arises from producing one additional unit of a good or service.

Total Variable Cost

The sum of all variable costs associated with the production of a given level of output.

Total Fixed Cost

The sum of all costs required to produce any product or service that does not change with the level of output.