A Sample of 37 AA Batteries Had a Mean Lifetime

question 3

Multiple Choice

A sample of 37 AA batteries had a mean lifetime of 584 hours. A 95% confidence interval for the population mean was 579.2 < μ < 588.8. Which statements is the correct interpretation of the results?

• A)We are 95% confident that the mean lifetime of all the bulbs in the population is between 579.2 hours and 588.8 hours.
• B)The probability that the population mean is between 579.2 hours and 588.8 hours is 0.95.
• C)95% of the light bulbs in the sample had lifetimes between 579.2 hours and 588.8 hours.
• D)None of these statements correctly interpret the results.

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Definitions:

Price Elastic

Price elastic describes how the quantity demanded of a good or service changes in response to a change in its price.

Income Portion

The part of an individual's or household's income that is allocated for various types of spending or saving.

Close Substitutes

Goods or services that can easily replace each other in consumption due to their similar characteristics.

Families' Budgets

Financial plans created by families to manage their income, expenses, savings, and investments over a specific period.