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A random sample of 100 credit sales in a department store showed an average sale of $120.00. From past data, it is known that the standard deviation of the population is $40.00.
a.Determine the standard error of the mean.
b.With a 0.95 probability, determine the margin of error.
c.What is the 95% confidence interval of the population mean?
Free Market
An economic system where prices for goods and services are determined by the open market and consumers, free from government intervention.
Subsidies
Financial support extended by the government to lower the price of goods or services or to support businesses.
Tulip Growers
Individuals or businesses specialized in cultivating tulips, often for the purposes of selling flower bulbs or cut flowers.
Price Rise
An increase in the price level of goods and services, often measured by inflation rates or observed in market price adjustments.
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