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In order to determine how many hours per week freshmen college students watch television, a random sample of 256 students was selected. It was determined that the students in the sample spent an average of 14 hours with a standard deviation of 3.2 hours watching TV per week.
a. Provide a 95% confidence interval estimate for the average number of hours that all college freshmen spend watching TV per week.
Assume that a sample of 62 students was selected with the same mean and the standard
b. deviation). Provide a 95% confidence interval estimate for the average number of hours that all college freshmen spend watching TV per week.
Demand Equals Supply
An equilibrium condition in markets where the quantity of a good demanded by consumers is equal to the quantity of the good supplied by producers.
Numeraire
is a standard unit of measurement in economic models used to express prices and exchange rates.
Edgeworth Box
A diagram used in economics to show the distribution of resources and the allocation of goods in a two-person, two-good economy.
Contract Curve
In economics, the curve that represents the set of Pareto efficient allocations in an Edgeworth Box diagram.
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