A Random Sample of 10 University Students Was Surveyed to Determine

question 32

Short Answer

A random sample of 10 university students was surveyed to determine the amount of time they spent weekly using a personal computer. The times (in hours) were: $\begin{array}{|l|l|l|l|l|l|l|l|l|l|}\hline13 & 14 & 5 & 6 & 8 & 10 & 7 & 12 & 15 & 3 \\\hline\end{array}$ If the times are normally distributed with a standard deviation of 5.2 hours, estimate with 90% confidence the mean weekly time spent using a personal computer for all university students.

Understand the implications of changes in income on demand for normal goods.

Evaluate the impact of supply and demand equations on market equilibrium prices and quantities.

Comprehend the role of substitutes in market dynamics and how changes in the supply of one good can affect the price of substitute goods.

Predict the outcomes in a market when both supply and demand simultaneously increase or decrease.

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Definitions:

IRA Balance

Refers to the total amount of money that is currently saved within an Individual Retirement Account, a tax-advantaged retirement savings account.

401(k) Plan

A retirement savings plan sponsored by an employer that allows workers to save and invest a portion of their paycheck before taxes are taken out.

Conventional IRA

Likely meant to be "Traditional IRA," which is an individual retirement account that offers tax-deferred growth and potential tax-deductible contributions.

Excise Tax

A tax on the sale or use of specific products or transactions, often included in the price of goods such as gasoline, alcohol, and tobacco.