Find and Interpret the Confidence Interval

question 3

Multiple Choice

Find and interpret the confidence interval.
-A recent poll of 120 adults who frequent the local farmer's market found that 54 have
Purchased reusable cloth bags for their groceries. The 95% confidence interval for the
Proportion of adults who have purchased reusable cloth bags is

• A) 0.361 to 0.539
• B) 0.4046 to 0.4954
• C) 0.4383 to 0.4617
• D) 0.205 to 0.525
• E) 0.3856 to 0.4896

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Definitions:

Economic Profits

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing a measure of efficiency and profitability.

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different customers, based on what the seller believes the customers will pay.

Antitrust Regulations

Laws designed to enhance competition in the market by preventing monopolistic practices and promoting fair and free competition.

Nondiscriminating Monopolist

A monopolist who charges all consumers the same price for its product, without any price discrimination.