Calculate the 95% Confidence Interval for a Sample of N

question 72

Multiple Choice

Calculate the 95% confidence interval for a sample of N = 17 with a mean = 12.42 and a population standard deviation (σ) = 5.00.

• A) 95% CI = 12.42 ± 2.37
• B) 95% CI = 12.42 ± 2.00
• C) 95% CI = 12.42 ± 3.12
• D) 95% CI = 12.42 ± 3.17

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Definitions:

Labor Supply

The cumulative hours that workforce members are eager and able to dedicate to work, provided a set wage.

Marginal Productivity

The additional output resulting from the use of one more unit of a production factor.

Wages

Payments made to labor for their services, typically expressed per hour or per annum.

Wage Paid

The compensation given to labor for the service provided, usually calculated as an hourly, daily, or per task basis.