A Nursery Sells Trees of Different Types and Heights

question 69

Multiple Choice

A nursery sells trees of different types and heights. These trees average 60 inches in height with a standard deviation of 16 inches. Suppose that 75 pine trees are sold for planting at City Hall. What is the standard deviation for the sample mean?

• A) 1.85
• B) 3.41
• C) 4
• D) 16

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price in a given time period.

Quantity Supplied

The aggregate quantity of a product or service that suppliers are prepared and capable of selling at a particular price during a defined time frame.

Shortage

A condition where the quantity demanded of a good exceeds the quantity supplied at the market price.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in the market.