The Average Monthly Electric Bill of a Random Sample of 256

question 44

Essay

The average monthly electric bill of a random sample of 256 residents of a city is $111 with a standard deviation of $32.
​
a.
Construct a 90% confidence interval for the mean monthly electric bills of all residents.
b.
Construct a 95% confidence interval for the mean monthly electric bills of all residents.

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Definitions:

Agency Relationship

A legal relationship in which one party, the agent, acts on behalf of another party, the principal, in business transactions.

Sole Proprietorship

A business structure in which a single individual owns and operates the business, bearing full responsibility for its debts and obligations.

Employer-Employee

The legal relationship between a person who hires and pays another to perform specific duties, typically guided by a contract or agreement.

Partners

Individuals who share ownership of a legal entity or business, often sharing profits, losses, and managerial responsibilities.