Use the Confidence Level and Sample Data to Find the Margin

question 134

Multiple Choice

Use the confidence level and sample data to find the margin of error E
-College students' annual earnings: $99 \%$ confidence; $n = 71 , \bar { x } = \$ 3660 , \sigma = \$ 879$

• A) \(\$ 1118\)
• B) \(\$ 243\)
• C) \(\$ 269\)
• D) \(\$ 8\)

---

Definitions:

Elasticity Of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good, with higher elasticity indicating a greater response.

Bilateral Monopoly

A market structure consisting of only one buyer and one seller, mutually depending on each other.

Monopsonist's Demand

The market demand by a single buyer for a particular product or service, which can significantly influence the market price and terms.

Deadweight Loss

Deadweight loss is a loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.