Examlex
A random sample of size 36 is taken from a population with mean µ = 17 and standard deviation σ = 6. The probability that the sample mean is greater than 18 is ________.
Average Cost
The total cost of production divided by the quantity of output, representing the cost per unit of output.
Interest Rate
The cost of borrowing money or the return on investment, expressed as a percentage of the principal.
Market Price
The current price at which a good or service can be bought or sold, determined by supply and demand.
Diminishing Returns
A rule in economics that asserts once investments in a specific sector reach beyond a certain threshold, the returns on those investments will not keep rising if all other factors stay unchanged.
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