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Professor Elderman has given the same multiple choice final exam in his Principles of Microeconomics class for many years.After examining his records from the past 10 years,he finds that the scores have a mean of 76 and a standard deviation of 12. Refer to Exhibit 7-4.What is the probability Professor Elderman's class of 36 has a class average below 78?
Possibility of Error
The probability that a statistical inference or decision made might be incorrect due to the limitations of sampling or experimental design.
Statistical Significance
The probability that an observed difference or relationship exists in a population, not just in the sample studied.
Hypothesized Reason
A suggested theory developed from minimal evidence intended to serve as a foundation for additional research.
Statistical Significance
A determination that a relationship between variables is not likely to be due to chance at a specified level of probability.
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