The State Highway Department Is Studying Traffic Patterns on One

question 98

Multiple Choice

The state highway department is studying traffic patterns on one of the busiest highways in the state. As part of the study, the department needs to estimate the average number of vehicles that pass an intersection each day. A random sample of 64 days gives us a sample mean of 14,205 cars and a sample standard deviation of 1,010 cars. After calculating the confidence interval, the highway department officials decide that the precision is too low for their needs. They feel the precision should be 300 cars. Given this precision, and needing to be 99 percent confident, how many days do they need to sample?

• A) 109
• B) 80
• C) 79
• D) 62
• E) 9

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Definitions:

Supply (S)

The total amount of a specific good or service that is available to consumers.

Cost Of Producing

The total expenditure incurred in manufacturing a product or providing a service, including raw materials, labor, and overheads.

Soybeans

A type of legume native to East Asia, widely grown for its edible bean which has numerous uses.

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price.