Use the Given Degree of Confidence and Sample Data to Construct

question 28

Multiple Choice

Use the given degree of confidence and sample data to construct a confidence interval for the population mean $\mu$ . Assume that the population has a normal distribution.
Thirty randomly selected students took the calculus final. If the sample mean was 95 and the standard deviation was $6.6$ , construct a $99 \%$ confidence interval for the mean score of all students.

• A) \(91.68 < \mu < 98.32\)
• B) \(91.69 < \mu < 98.31\)
• C) \(92.95 < \mu < 97.05\)
• D) \(92.03 < \mu < 97.97\)

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Definitions:

Purely Competitive Market

A market structure characterized by many buyers and sellers, homogenous products, and free entry and exit, leading to price determination by supply and demand forces.

Least Costly Combination

Refers to an economic principle where firms choose a mix of inputs (labor, capital, etc.) that minimizes their costs while producing a given level of output.

Wage Rates

The standard amount of compensation paid to employees for their labor per unit of time or piece of work completed.

Labor Demand

The total amount of hours worked that employers are willing to hire at a given wage rate, in a given time period.