A Sample of 225 Elements from a Population with a Standard

question 26

Multiple Choice

A sample of 225 elements from a population with a standard deviation of 75 is selected. The sample mean is 180. The 98% confidence interval for μ is

• A) 105 to 225.
• B) 175 to 185.
• C) 165.6 to 194.4.
• D) 164.575 to 195.425.

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Definitions:

Commodities

Fundamental products utilized in trade that can be substituted with similar types of goods, commonly employed as components in manufacturing other products or services.

Perfect Market

An idealized market where all participants have equal access to information, there are no transaction costs, and buyers and sellers are too numerous to affect prices.

Utility Function

An economic model that represents a consumer's preference ranking over a set of goods or outcomes, used to analyze choice and behavior.

Double-Time

A term typically used in payroll to describe a rate of pay that is twice the employee's normal wage rate, often applied to overtime work.