The Employees of Cybertronics Inc

question 51

Multiple Choice

The employees of Cybertronics Inc.need to complete a certification online.A random sample of 16 employees gives an average time for completion of all the coursework and passing the tests of 20 hours.The population standard deviation is unknown but the sample standard deviation is 6 hours.You can assume that the population of employees is fairly large.Construct a 95% confidence interval for the average time required to complete the certification.

• A)17.06 to 22.94
• B)16.80 to 23.20
• C)17.68 to 22.32
• D)17.99 to 22.01
• E)18.31 to 21.69

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Definitions:

Marginal Revenue

The additional income earned by selling one more unit of a product or service, reflecting the incremental increase in total revenue.

Nondiscriminating Profit-maximizing Monopolist

A monopolist who charges a uniform price for all units of output sold to all customers, maximizing profit without price discrimination.

Inelastic

A characteristic of goods whose demand or supply is not significantly affected by changes in price.