Choose the Statement That Is the Best Interpretation of the Confidence

question 39

Multiple Choice

Choose the statement that is the best interpretation of the confidence interval.

• A)In about 95% of all samples of 40 U.S. weddings, the resulting confidence interval will contain the mean cost of all weddings in the U.S.
• B)That probability that a U.S. wedding will cost more than $24,152 is less than 3%.
• C)We are extremely confident that the mean cost of a U.S. wedding is between $22,296 and $24,152.

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Definitions:

Revenue Considerations

Factors affecting the income generated from sales of goods or services in a business.

Profitability

The financial metric that measures the degree to which a company or business activity generates profit compared to its revenue or costs.

Pricing Decisions

The process businesses undertake to set prices for their products or services, taking into account costs, demand, competition, and profitability goals.

Marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.