Some Experts Estimate That the Length of Time People Live

question 26

Essay

Some experts estimate that the length of time people live in a house has a mean of 7.3 years and a standard deviation of 2.2 years.Explain why you could estimate the probability that 100 people selected at random had lived in their houses for an average of 9 years or more,but you could not estimate the probability that an individual had done so.

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Definitions:

Horizontal Merger

A horizontal merger is a business consolidation that occurs between firms operating in the same industry or producing similar products, aimed at increasing market share.

Supplier

An entity that provides goods or services to another company, often part of the supply chain or procurement process.

Customer

An individual or entity that purchases goods or services from a business.

Congeneric Mergers

Mergers between companies in the same industry but do not offer the same products or services, aiming to diversify their product lines or extend their market reach.