A Population Variable Has a Distribution with a Mean of

question 48

Multiple Choice

A population variable has a distribution with a mean of  = 50 and a variance of ² = 225.From this population a simple random sample of n observations is to be selected and the mean of the sample values calculated.If the population variable is known to be Normally distributed and the sample size used is to be n = 16,what is the probability that the sample mean will be between 48.35 and 55.74,that is,P(48.35   55.74) ?

• A)0.393
• B)0.607
• C)0.937
• D)0.330
• E)Not within ± 0.010 of any of the above

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Definitions:

Competitive Market

A market structure in which many firms offer products or services that are similar, leading to high levels of competition.

Remarkable Healing

Significant or extraordinary recovery from illness or injury.

Cournot Duopolists

Firms in a duopoly market structure where each firm chooses its output level assuming the other does not change its output, leading to a strategic interdependence in decision-making.

Welfare Loss

The decrease in social welfare, typically caused by market inefficiencies or failures, often measured as lost income or utility.