A Simple Random Sample of 100 Observations Was Taken from a Large

question 89

Multiple Choice

A simple random sample of 100 observations was taken from a large population. The sample mean and the standard deviation were determined to be 80 and 12 respectively. The standard error of the mean is

• A)1.20
• B)0.12
• C)8.00
• D)0.80

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Definitions:

Price Skimming

A pricing strategy where a firm charges the highest initial price that customers will pay for a new product or service, then gradually lowers the price to attract more price-sensitive consumers.

Penetration Pricing

A marketing strategy where the initial price of a product is set lower than the eventual market price to attract new customers and gain market share.