Suppose an Interval Estimate for the Population Mean Was 62

question 146

Multiple Choice

Suppose an interval estimate for the population mean was 62.84 to 69.46.The population standard deviation was assumed to be 6.50,and a sample of 100 observations was used.The mean of the sample was:

• A)6.62
• B)56.34
• C)62.96
• D)66.15

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Definitions:

Loss Averse

The behavioral tendency of individuals to prefer avoiding losses over acquiring equivalent gains, highlighting the emotional impact of loss.

Prospect Theory

A behavioral economic theory that describes how people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are uncertain.

Rational Consumers

Individuals who make decisions to maximize their utility or satisfaction based on the information available and their own preferences.

Marginal Utility

The change in total satisfaction or utility that a consumer experiences as a result of consuming one additional unit of a good or service.