A Researcher Is Interested in Estimating the Mean Weight of a Semi

question 84

Multiple Choice

A researcher is interested in estimating the mean weight of a semi tractor truck to determine the potential load capacity.She takes a random sample of 17 trucks and computes a sample mean of 20,000 pounds with sample standard deviation of 1,500.The 90% confidence interval for the population mean weight of a semi tractor truck is ______________.

• A)19,365 to 20,635
• B)19,367 to 20,633
• C)19,514 to 20,486
• D)19,515 to 20,485
• E)18,500 to 21,500

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Definitions:

Imperfectly Competitive

A market structure characterized by a few sellers who have some control over the prices and are not price takers, unlike in perfect competition.

Competitive Industry

An industry where numerous sellers offer similar products, ensuring no single entity can dictate prices, fostering competition based on price, quality, and innovation.

Monopolist

An individual or entity that is the sole provider of a particular good or service in the market, enabling them to control prices.

Substitutes

Goods or services that can be used in place of each other, where the increase in price of one leads to an increase in demand for the other.