A Computer Package Was Used to Generate the Following Printout

question 86

Multiple Choice

A computer package was used to generate the following printout for estimating the sale price of condominiumsin a particular neighborhood. $\begin{array}{rl}\text { X}=&\text { sale-price }\\\\\text { SAMPLE MEAN OF X} =&46,600\\\text { SAMPLE STANDARD DEV }=&13,747\\\text { SAMPLE SIZE OF X }= &15\\\text { CONFIDENCE } = &90\\\\\text { UPPER LIMIT }= &52,850.60 \\\text { SAMPLE MEAN OF X }= & 46,600 \\\text { LOWER LIMIT }= &40,349.40\end{array}$

A friend suggests that the mean sale price of homes in this neighborhood is $43,000. Comment on your friend?ssuggestion.

• A) Based on this printout, all you can say is that the mean sale price might be $43,000.
• B) Your friend is wrong, and you are 90% certain.
• C) Your friend is correct, and you are 90% certain.
• D) Your friend is correct, and you are 100% certain.

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Definitions:

Net Taxes

refer to the total amount of taxes paid to governments by individuals and businesses after accounting for transfers and subsidies received from the government.

Aggregate Expenditure

The sum of all expenditures within an economy, encompassing spending on goods and services, investment in businesses, government outlays, and the balance of exports minus imports.

Disposable Income

The amount of money a household or individual has available to spend or save after income taxes have been deducted.

Aggregate Demand

The combined requests for goods and services across an economy, factoring in the prevailing price level for a set period.