Examlex
In a manufacturing process a random sample of 36 bolts manufactured has a mean length of 3cm with a standard deviation of 0.3cm.Assuming bolt length is normally distributed,what is the 99% confidence interval for the true mean length of the bolt?
Tax
A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.
Marginal Benefit
The extra utility or satisfaction gained from the utilization or creation of one more unit of a product or service.
Marginal Cost
The increase in total cost that arises from producing one additional unit of a product or service, reflecting changes in variable costs.
Quintiles
A statistical value that divides a data set into five equal parts, often used in economic and social research to assess income distribution or other measurements.
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