The Following Information Gives the Number of Days Absent from Work

question 114

Essay

The following information gives the number of days absent from work for a population of 5 workers at a small factory.

a.Find the mean and the standard deviation for the population.
b.Samples of size 2 will be drawn from the population. Use the answers in part a to calculate the expected value and the standard deviation of the sampling distribution of the sample mean.
c.Find all the samples of 2 workers that can be extracted from this population. Choose the samples without replacement.
d.Compute the sample mean for each of the samples in Part c.

Identify the characteristics and challenges of managing common resources.

Understand the concept of marginal social benefit (MSB) and how it is calculated for different members in a society.

Recognize the characteristics and implications of nonexcludable goods, including the free-rider problem.

Determine the socially optimal level of provision for public goods and common resources.