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CRA CDs, Inc., wants the mean lengths of the "cuts" on a CD to be 135 seconds (2 minutes and 15 seconds). This will allow the disk jockeys to have plenty of time for commercials within each 10-minute segment. Assume the distribution of the length of the cuts follows the normal distribution with a population standard deviation of 8 seconds. Suppose we select a sample of 16 cuts from various CDs sold by CRA CDs, Inc.
(a) What can we say about the shape of the distribution of the sample mean (binomial, normal, or uniform)?
(b) What is the standard error of the mean (in seconds)?
(c) What percent of the sample means will be greater than 140 seconds?
(e) What percent of the sample means will be greater than 128 but less than 140 seconds?
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A quality control inspector chooses a part to be tested. The part is then declared acceptable, repairable, or scrapped. Then another part is tested.
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What is the income elasticity of demand for kitty litter when P(D)=30,P(C)=20, m=50? What is the cross-price elasticity of demand for kitty litter when P(D)=30,P(C)=20, m=50? Are kitty litter and cat food substitutes or complements?
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