Provide an Appropriate Response $95 \%$ Confidence Interval for the Population Standard Deviation

question 76

Multiple Choice

Provide an appropriate response.
-Construct a $95 \%$ confidence interval for the population standard deviation $\sigma$ of a random sample of 15 crates which have a mean weight of $165.2$ pounds and a standard deviation of $12.7$ pounds. Assume the population is normally distributed.

• A) \(( 9.3,20.0 )\)
• B) \(( 86.5,401.1 )\)
• C) \(( 2.6,5.6 )\)
• D) \(( 9.8,18.5 )\)

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Definitions:

Wage Rate

The amount of compensation paid to labor per unit of time, which can vary based on factors such as industry, location, and level of skill.

Purely Competitive Market

A market structure characterized by a large number of small firms, homogenous products, and free entry and exit, leading to price taking behavior.

Imperfectly Competitive Market

A market structure where individual sellers have some control over the price of their goods due to lack of perfect competition.

Wage Rate

The amount of compensation an employee receives per unit of time worked, often expressed hourly.