Provide an Appropriate Response $98 \%$ Confidence Interval for the True Mean

question 72

Multiple Choice

Provide an appropriate response.
-The grade point averages for 10 randomly selected junior college students are listed below. Assume the grade point averages are normally distributed. Find a $98 \%$ confidence interval for the true mean.
$\begin{array} { l l l l l l l l l l } 2.0 & 3.2 & 1.8 & 2.9 & 0.9 & 4.0 & 3.3 & 2.9 & 3.6 & 0.8 \end{array}$

• A) \(( 1.55,3.53 )\)
• B) \(( 0.67,1.81 )\)
• C) \(( 2.12,3.14 )\)
• D) \(( 3.11,4.35 )\)

Determine the optimal level of output to minimize costs or maximize profits.

Understand the implications of production functions on marginal and average costs.

Evaluate the impact of fixed costs on production decisions and break-even analysis.

Analyze the implications of different technological choices in a perfectly competitive market.

---

Definitions:

Oil Declines

A reduction in the price or availability of oil, often due to changes in supply, demand, or geopolitical factors.

Gasoline

A highly flammable liquid derived from petroleum, used primarily as fuel in internal combustion engines.

Quantity Demanded

Quantity demanded is the total amount of a good or service that consumers are willing and able to purchase at a given price over a specified period.

Demand Schedule

A tabular representation showing the quantity of a good that consumers are willing and able to purchase at different prices, holding other factors constant.