Parking at a Large University Can Be Extremely Difficult at Times

question 12

Multiple Choice

Parking at a large university can be extremely difficult at times. One particular university is trying to determine the location of a new parking garage. As part of their research, officials are interested
In estimating the average parking time of students from within the various colleges on campus. A
Survey of 338 College of Business (COBA) students yields the following descriptive information
Regarding the length of time (in minutes) it took them to find a parking spot. Note that the ʺLo
95%ʺ and ʺUp 95%ʺ refer to the endpoints of the desired confidence interval. $$\begin{array} { l c c c c c } \text { Variable } & \text { N } & \text { Lo 95\% CI } & \text { Mean } & \text { Up 95\% CI } & \text { SD } \\\text { Parking Time } & 338 & 9.1944 & 10.466 & 11.738 & 11.885\end{array}$$ Give a practical interpretation for the 95% confidence interval given above.

• A)We are 95% confident that the average parking time of the 338 COBA students surveyed falls between 9.19 and 11.74 minutes.
• B)95% of the COBA students had parking times that fell between 9.19 and 11.74 minutes.
• C)We are 95% confident that the average parking time of all COBA students falls between 9.19 and 11.74 minutes.
• D)95% of the COBA students had parking times of 10.466 minutes.

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Definitions:

Market Output

The total quantity of goods and services produced and offered for sale in a market.

External Benefits

Positive effects experienced by third parties as a result of an economic transaction not directly involved.

Efficient Outcome

A situation in which no individual can be made better off without making someone else worse off, typically referring to an optimal allocation of resources.

Output Level

The total quantity of goods or services produced by a firm or industry within a specific period.