A Random Sample of Size 100 Is Drawn from a Population

question 77

Multiple Choice

A random sample of size 100 is drawn from a population with a standard deviation of 10.If only 5% of the time a sample mean greater than 20 is obtained,the mean of the population is ______

• A) 18.35
• B) 16.25
• C) 17.2
• D) 20
• E) 19

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Definitions:

AFC

Average fixed cost, or the total fixed costs divided by the quantity of output produced, indicating how fixed costs per unit change with production levels.

MC

The additional cost incurred for producing one more unit of a good or service; it's synonymous with marginal cost.

Marginal Cost

is defined as the increase in total production cost that arises from producing an additional unit of a good or service.

TVC

Total Variable Costs, which are the sum of expenses that vary directly with the level of production or business activity.