You Are Interested in Purchasing a New Car

question 103

Multiple Choice

You are interested in purchasing a new car. One of the many points you wish to consider is the resale value of the car after 5 years. Since you are particularly interested in a certain foreign sedan,
You decide to estimate the resale value of this car with a 99% confidence interval. You manage to
Obtain data on 17 recently resold 5-year-old foreign sedans of the same model. These 17 cars were
Resold at an average price of $12,760 with a standard deviation of $700. Suppose that the interval is
Calculated to be ($12,264.09, $13,255.91) . How could we alter the sample size and the confidence
Coefficient in order to guarantee a decrease in the width of the interval?

• A)Increase the sample size and increase the confidence coefficient.
• B)Keep the sample size the same but increase the confidence coefficient.
• C)Increase the sample size but decrease the confidence coefficient.
• D)Decrease the sample size but increase the confidence coefficient.

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Definitions:

Open Or Closed

Describes the state of a system, question, or situation, indicating whether it is receptive to new inputs or influences (open) or not (closed).

Community Systems

The networks and structures within a community that support the social, economic, and environmental well-being of its members.

Coping Mechanisms

Strategies or behaviors used by individuals to manage stress, adversity, or trauma and to maintain emotional well-being.

Active Method

A technique or process that requires conscious effort and participation from the individual, often used in teaching, physical therapy, and rehabilitative exercises.