Use the Confidence Level and Sample Data to Find a Confidence

question 4

Multiple Choice

Use the confidence level and sample data to find a confidence interval for estimating the population µ.
-The duration of telephone calls directed by a local telephone company: $\sigma = 4.1$ minutes, $\mathrm { n } = 540$ , 97 percent confidence.

• A)0.008 minutes
• B)0.016 minutes
• C)0.081 minutes
• D)0.383 minutes

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Definitions:

Local Market

Refers to the economic market surrounding a specific area where transactions between consumers and producers occur within a close geographic region.

Barriers to Entry

Factors that prevent or hinder companies from entering a particular market or industry, such as high startup costs or complex regulations.

Consumer Ignorance

A situation where consumers lack necessary information about products or services, which can affect their buying decisions and market outcomes.

Inelastic Demand

A situation where the demand for a product does not significantly change in response to changes in its price.