Use the One-Standard-Deviation Chi-Square Interval Procedure to Obtain the Specified $\overline { x _ { t } }$

question 79

Multiple Choice

Use the one-standard-deviation chi-square interval procedure to obtain the specified confidence interval for thepopulation standard deviation Ϭ. Assume that the population has a normal distribution.
-The weights of 14 men selected at random from one town have a mean, $\overline { x _ { t } }$ , of 159.3 lb and a standard deviation, s, of 13.5 lb. Determine a 90% confidence interval for the standard deviation, Ϭ, of the
Weights of all men from this town.

• A)10.6 to 17.4 lb
• B)10.3 to 20.0 lb
• C)10.9 to 2.7 lb
• D)10.0 to 19.0 lb

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Definitions:

Excess Capacity

This term refers to a situation where a firm produces at a lower scale than its potential, indicating that there are unused resources or the firm is operating below its efficient scale.

Profit-Maximizing Level

The point of operation where a firm achieves its highest profit, determined by the intersection of marginal cost and marginal revenue.

Marginal Cost

The cost escalation associated with the production of one more unit of a product or service.

Economic Loss

Occurs when total cost exceeds total revenue, not covering all explicit and implicit costs.