Suppose the Population of All Public Universities Shows the Annual

question 2

Multiple Choice

Suppose the population of all public Universities shows the annual parking fee per student is $110 with a standard deviation of $18.If a random sample of size 49 is drawn from the population,the probability of drawing a sample with a mean of less than $92 is _______.

• A) 0.3400
• B) 0.1600
• C) 0.0000
• D) 1.0000
• E) 0.7000

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Definitions:

Quantity Supplied

In economic terms, this is the amount of a good or service that producers are willing and able to sell at a given price over a specific time period.

Surplus

The amount of an asset or resource that exceeds the portion used. In economics, it refers to a situation where supply exceeds demand.

Shortage

A situation in which demand for a good or service exceeds the available supply at the current price.

Market Equilibrium

Market equilibrium is the point where the supply of goods matches demand, leading to a stable market price.