An Environmentalist Is Measuring the Number of Spotted Leopard Lizards

question 88

Short Answer

An environmentalist is measuring the number of spotted leopard lizards in central California per acre. The environmentalist surveys six acres and finds signs of 24, 26, 30, 27, 28, and 27 lizards per acre. Construct a 95% confidence interval for the average number of leopard lizards per acre.

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Definitions:

Perfectly Elastic

Describes a situation in economics where the demand or supply for a product can vary infinitely with a small change in price.

Inelastic

A situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price.

Perfectly Elastic

Describes a situation where the quantity demanded or supplied changes infinitely in response to any change in price.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where market supply and demand balance each other.