Analysis of a Random Sample of 250 Illinois Nurses Produced $95 \%$

question 10

Multiple Choice

Analysis of a random sample of 250 Illinois nurses produced a $95 \%$ confidence interval for the mean annual salary of $\$ 42,846 < \mu$ (Nurse Salary) $< \$ 49,686$

• A) About \(95 \%\) of Illinois nurses earn between \(\$ 42,846\) and \(\$ 49,686\).
• B) We are \(95 \%\) confident that the average nurse salary in the U.S. is between \(\$ 42,846\) and \(\$ 49,686\).
• C) If we took many random samples of Illinois nurses, about \(95 \%\) of them would produce this confidence interval.
• D) We are \(95 \%\) confident that the interval from \(\$ 42,846\) to \(\$ 49,686\) contains the true mean of all Illinois nurses.
• E) About \(95 \%\) of the nurses surveyed earn between \(\$ 42,846\) and \(\$ 49,686\).

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Definitions:

Marginal Cost

The supplementary cost attached to the output of an additional product or service unit.

Diminishing Marginal Product

The principle stating that as one inputs more of a factor of production while holding other inputs constant, the added output produced from each additional unit of the variable input eventually decreases.

Fixed Costs

Fixed costs are business expenses that remain constant regardless of the level of production or sales, such as rent, salaries, or loan payments.

Marginal Cost

The added expense incurred by creating one more unit of a product or service.