Exhibit 21-1 a Simple Random Sample of Size 64 Is Taken from Taken

question 36

Multiple Choice

Exhibit 21-1
A simple random sample of size 64 is taken from a population of size 800. The sample mean is determined to be 2,550 with a standard deviation of 500.
-Refer to Exhibit 21-1. The point estimate of the population total is

• A)51,200
• B)1,275,000
• C)102,000
• D)2,040,000

---

Definitions:

Coffee

A beverage made from roasted coffee beans, which are the seeds of berries from the Coffea plant.

Optimal Consumption Bundle

The mix of products and services that optimizes satisfaction for a shopper within their financial limits.

Substitution Effect

The substitution effect describes the change in consumption patterns due to a shift in prices, leading consumers to substitute a cheaper product for a more expensive one.

Income Effects

Changes in consumers' purchasing power and consumption patterns that occur due to changes in their income, influencing how much of a product they can buy.