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A Study of Elephants Is Conducted to Determine the Average

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A study of elephants is conducted to determine the average weight of a certain subspecies of elephants. The standard deviation for the population is 1500 pounds. At a 95% level, how many elephants need to be weighed so the average weight will be accurate to within 250 pounds?


Definitions:

Opportunity Cost

The cost of foregoing the next best alternative when making a decision. It represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.

Production Possibilities Frontier

A graphical representation showing the maximum quantity of two goods or services that an economy can produce when all resources are used efficiently.

Opportunity Cost

Opportunity cost is the value of the next best alternative forgone as a result of making a decision.

Bananas

A curved, yellow fruit that is rich in potassium and can be eaten raw or used in cooking and baking.

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