The Director of a Hospital Wishes to Estimate the Mean $\bar { x } = 15.3$

question 119

Multiple Choice

The director of a hospital wishes to estimate the mean number of people who are admitted to the emergency room during a 24-hour period. The director randomly selects 49 different 24-hour periods and determines the number of admissions for each. For this sample, $\bar { x } = 15.3$ and $s ^ { 2 } = 25$ . Estimate the mean number of admissions per 24 -hour period with a $95 \%$ confidence interval.

• A) \(15.3 \pm .679\)
• B) \(15.3 \pm 1.400\)
• C) \(15.3 \pm 7.000\)
• D) \(15.3 \pm .200\)

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, reflecting profit margins.

Market Equilibrium

The condition in a market where the quantity of a product demanded by consumers equals the quantity supplied by producers, resulting in a stable price.

Good

A tangible product that satisfies human wants or needs and can be transferred or traded.

Sellers

Sellers refer to individuals or entities that offer goods or services for sale to consumers or other businesses in the market.