A Company Checking the Productivity of Its Assembly Line Monitored

question 509

Multiple Choice

A company checking the productivity of its assembly line monitored a random sample of workers
For several days. They found that a 95% confidence interval for the mean number of items
Produced daily by each worker was (23,27) . Which is true?

• A) 95% of the workers sampled produced between 23 and 37 items a day.
• B) 95% of samples would show mean production between 23 and 27 items a day.
• C) Workers produce an average of 23 to 27 items on 95% of the days.
• D) We're 95% sure that the mean daily worker output is between 23 and 27 items.
• E) 95% of all the workers average between 23 and 27 items a day.

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Definitions:

Price of Food

The amount of money required to purchase food items in the market, which can vary based on factors like quality, demand, and supply.

Price of Clothing

Refers to the amount of money required to purchase garments and accessories.

Valuation

The process of determining the present value of an asset or company.

Indifference Curve

A graph showing different bundles of goods between which a consumer is indifferent, reflecting their preferences and trade-offs.