Instruction 18-11
Recently, a University Switched to a New Type

question 39

Short Answer

Instruction 18-11
Recently, a university switched to a new type of computer-based registration. The registrar is concerned with the amount of time students are spending on the computer registering under the new system. She decides to randomly select eight students on each of the 12 days of the registration and determine the time each spends on the computer registering. The range, mean, and standard deviation of the times required to register are in the table that follows.
$\begin{array}{llll}\text { Day } &\text { Range } & \text { Mean }&\text { Std. Dev }\\\hline1 & 10 & 5.250 & 3.4949 \\2 & 31 & 15.250 & 10.3060 \\3 & 13 & 20.375 & 4.9262 \\4 & 21 & 22.875 & 8.3911 \\5 & 35 & 8.500 & 11.3767 \\6 & 18 & 7.875 & 6.9372 \\7 & 25 & 11.250 & 8.5815 \\8 & 30 & 7.875 & 9.5235 \\9 & 17 & 10.250 & 6.3640 \\10 & 22 & 9.500 & 7.8740 \\11 & 27 & 7.875 & 8.7086 \\12 & 26 & 12.875 & 9.3723\end{array}$

-Referring to Instruction 18-11,the chart is to be used for the time required to register.The lower control limit for this data set is _______,while the upper control limit is _______

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Definitions:

Long Run

A period in economics where all factors of production and costs are variable, allowing for full industry adjustment to changes.

Perfect Competitor

A theoretical market structure where many firms offer a standardized product, there is free entry and exit, and all buyers and sellers have perfect information, leading to price being equal to marginal cost.

Long Run

A period in which all inputs can be adjusted, allowing firms to change their production capacity and industries to enter or exit markets.

Perfect Competitor

A theoretical firm in a perfectly competitive market where it is a price taker, and there are no barriers to entry or exit.