Calculate the 95% Confidence Interval for a Sample with a Mean

question 114

Multiple Choice

Calculate the 95% confidence interval for a sample with a mean = 117.52 and a population standard error of the mean = 5.57.

• A) 95% CI = 117.52 ± 10.92
• B) 95% CI = 117.52 ± 9.19
• C) 95% CI = 117.52 ± 14.37
• D) 95% CI = 117.52 ± 7.53

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Definitions:

Utility Maximization

The process by which individuals or consumers adjust their consumption of goods and services to achieve the highest level of utility or satisfaction.

Marginal-Utility Schedules

Charts or tables that represent the additional satisfaction or utility a consumer gains from consuming an additional unit of a good or service.

Utility Maximization

A principle in economics that suggests individuals and firms seek to allocate their resources in a way that maximizes their satisfaction or utility.

Diminishing Marginal Utility

A principle stating that as a person consumes more units of a particular good or service, the satisfaction (utility) gained from consuming each additional unit decreases.