A Consultant Is Planning a Survey of Corporate Executives to Determine

question 131

Essay

A consultant is planning a survey of corporate executives to determine their mean amount of weekly work time. A pilot survey indicated that the mean work time per week is 50 hours, with a standard deviation of 10 hours. The consultant wants to estimate the mean weekly work time within five hours. The 95% level of confidence is to be used. How many executives should be surveyed?

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers at those prices.

Price Makers

Entities that have the ability to control the prices of the products or services they offer, due to lack of significant competition.

Downward-Sloping Demand

Describes the general tendency for the demand for a good or service to decrease as its price increases.

Monopolistic Competitors

Firms in a market structure where many companies sell products or services that are similar but not identical, allowing for competition based on quality, price, and branding.