Suppose a 95% Confidence Interval For $\mu$ Turns Out to Be (1,000,2,100)

question 22

Multiple Choice

Suppose a 95% confidence interval for $\mu$ turns out to be (1,000,2,100) .What does it mean to be 95% confident?

• A) In repeated sampling,the population parameter would fall in the resulting interval 95% of the time.
• B) 95% of the observations in the entire population fall in the given interval.
• C) 95% of the observations in the sample fall in the given interval.
• D) None of these choices.

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Definitions:

Equilibrium

The condition that exists in a market when the plans of buyers match those of sellers, so quantity demanded equals quantity supplied and the market clears

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing to purchase at a given price level during a certain time period.

Market Price

The current price at which a good or service can be bought or sold in a marketplace.

Pesticides Cost

The economic expenses associated with the purchase and application of chemical substances used to kill or control pests that threaten agricultural production or health.