Provide an Appropriate Response $12 \mathrm {~cd}$ Players Is $8.6$ Years with a Standard Deviation Of

question 57

Multiple Choice

Provide an appropriate response.
-The mean replacement time for a random sample of $12 \mathrm {~cd}$ players is $8.6$ years with a standard deviation of $5.1$ years. Construct the $98 \%$ confidence interval for the population variance, $\sigma ^ { 2 }$ . Assume the data are normally distributed

• A) \(( 11.6,93.7 )\)
• B) \(( 3.4,9.7 )\)
• C) \(( 2.3,18.4 )\)
• D) \(( 10.9,80.1 )\)

---

Definitions:

Regulatory Agency

An agency, commission, or board established by the federal government or a state government to control the prices charged and the services offered by a natural monopoly or public utility.

Principal-Agent Problem

A dilemma in economics where one party (the agent) is supposed to act in the best interest of another party (the principal) but may have different goals.

Political Decision Making

The process of making decisions that impact public affairs, often within the frameworks of governments and political institutions.

Private Sector

Refers to the part of the economy that is owned, operated, and funded by private individuals or companies, as opposed to the government.