In a Controlled Laboratory Environment, a Random Sample of 10

question 20

Multiple Choice

In a controlled laboratory environment, a random sample of 10 adults and a random sample of 10 children were tested by a psychologist to determine the room temperature that each person finds most comfortable. The data are summarized below: $$\begin{array} { l c c } \hline & \text { Sample Mean } & \text { Sample Variance } \\\hline \text { Adults (1) } & 77.5 ^ { \circ } \mathrm { F } & 4.5 \\\text { Children (2) } & 74.5 ^ { \circ } \mathrm { F } & 2.5 \\\hline\end{array}$$ Find the standard error of the estimate for the difference in mean comfortable room temperatures between adults and children.

• A) 0.8367
• B) 0.7000
• C) 1.6279
• D) 0.1871

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Definitions:

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a specific price, over a specified period of time.

Equilibrium

A state in which market supply and demand balance each other, and as a result, prices become stable.

Quantity Supplied

The quantity of a product or service that suppliers are ready and capable of offering for sale at a certain price during a defined timeframe.

Equilibrium Price

The equilibrium price is the price at which the quantity of goods suppliers are willing to supply matches the quantity of goods consumers are willing to buy, leading to market equilibrium.