Ed Spends an Hour Studying Instead of Watching Tv with His

question 40

Multiple Choice

Ed spends an hour studying instead of watching tv with his friends.The opportunity cost to him of studying is

• A) the improvement in his grades from studying for the hour.
• B) the improvement in his grades from studying minus the enjoyment of watching tv.
• C) the enjoyment he would have received if he had watched tv with his friends.
• D) zero. Since Ed chose to study rather than to watch tv, the value of studying must have been greater than the value of watching tv.

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Definitions:

Confidence Interval

Values range, derived from statistical samples, that possibly includes the value of an elusive population parameter.

Population Mean

The average value of a set of characteristics within a full population, calculated by summing all the values and dividing by the number of observations.

Sample Mean

The average value of all the observations in a sample, calculated as the sum of the observations divided by the number of observations in the sample.

Confidence Interval

It expresses the degree of uncertainty or certainty in a sampling method, represented as a range within which an estimated parameter is expected to lie.