A Survey of 25 Grocery Stores Revealed That the Average

question 43

Multiple Choice

A survey of 25 grocery stores revealed that the average price of a 4-litre bag of milk was $2.98 with a standard error of $0.10. What is the 95% confidence interval to estimate the true cost of a 4-litre bag of milk?

• A) $2.81 to $3.15
• B) $2.94 to $3.02
• C) $2.77 to $3.19
• D) $2.95 to $3.01
• E) $2.73 to $3.23

---

Definitions:

Utility Function

A mathematical representation of how consumers rank different bundles of goods based on the satisfaction each bundle provides.

Indifference Curve

A representation of the consumer's preferences, illustrating different combinations of goods that provide the same level of utility or satisfaction.

Apples

Edible fruits from the apple tree, known for their sweet taste and crunchy texture, and used in a variety of culinary dishes.

Bananas

A type of fruit that is elongated, curved, and covered with a peel, typically yellow when ripe, and consumed as a sweet source of energy.