A Population of 1,000 Students Spends an Average of $10

question 51

Short Answer

A population of 1,000 students spends an average of $10.50 a day on dinner. The standard deviation of the expenditure is $3. A simple random sample of 64 students is taken.
a.What are the expected value, standard deviation, and shape of the sampling distribution of the sample mean?
b.What is the probability that these 64 students will spend a combined total of more than $715.21?
c.What is the probability that these 64 students will spend a combined total between $703.59 and $728.45?

Comprehend the role of implicit and explicit costs in business decision-making.

Analyze how firms calculate total cost and the impact of various costs on business profitability.

Identify the factors influencing firm’s short-run and long-run operational decisions.

Understand the implications of opportunity costs and how they relate to implicit costs.

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Definitions:

Sex Ratio

The demographic and statistical ratio of males to females in a population; this measure is often used to examine social, economic, and environmental impacts on gender dynamics.

Old Old

Refers to the population segment aged 85 and older, emphasizing the unique health, social, and service needs of this advanced age group.

Cohort

A group of individuals sharing a common characteristic, typically used in statistical and demographic studies to track changes over time.

Bob Dole

An American politician and lawyer who served as a United States Senator from Kansas from 1969 to 1996 and was the Republican Party's presidential nominee in the 1996 election.