University Administrators Are Trying to Decide Where to Build a New

question 2

Multiple Choice

University administrators are trying to decide where to build a new parking garage on campus. The state legislature has budgeted just enough money for one parking structure on campus. The administrators have determined that the parking garage will be built either by the college of engineering or by the college of business. To help make the final decision, the university has randomly and independently asked students from each of the two colleges to estimate how long they usually take to find a parking spot on campus (in minutes) . Based on their sample, the following 95% confidence interval (for μe - μb) was created - (4.20, 10.20) . What conclusion can the university make about the population mean parking times based on this confidence interval?

• A) They are 95% confident that the mean parking time of all business students exceeds the mean parking time of all engineering students.
• B) They are 95% confident that the mean parking time of all business students is less than the mean parking time of all engineering students.
• C) They are 95% confident that the mean parking time of all business students equals the mean parking time of all engineering students.

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Definitions:

Budgeting Methods

Financial strategies used to plan and allocate resources, often income and expenditure, over a specified period.

Advertising Campaign

A coordinated series of promotional efforts, utilizing various media channels, aimed at generating interest or sales for a product or service.

McDonald's

A global fast-food restaurant chain known for its hamburgers, fries, and wide variety of quick-service meals.

Big Mac

A signature hamburger sold by the international fast-food chain McDonald's, often used as a reference in economic indices to measure purchasing power parity between nations.