Use the Formula to Calculate the Lower and Upper

question 40

Multiple Choice

Use the formula to calculate the lower and upper limits of the 90% confidence interval for a sample of N = 12 with a mean = 4.00 and standard error of the mean = .58.

• A) (2.96, 5.04)
• B) (2.20, 5.80)
• C) 1.62, 6.38)
• D) 2.72, 5.28)

---

Definitions:

Demand Curve

A graphical representation showing the quantity of a good that consumers are willing and able to purchase at various prices.

Degree of Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in its price.

Availability of Substitutes

The presence of alternative goods or services that consumers can use in place of another.

Inelastic

Describes a situation where the demand or supply for a good or service is not significantly altered when the price of that good or service changes.