Choose the One Alternative That Best Completes the Statement or Answers

question 4

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
-The cell phone conversations of a random sample of 50 students has a standard deviation of 9.7 minutes. Find the margin of error, E, using a 90% confidence interval.

• A) 2.26
• B) 0.32
• C) 1.37
• D) 1.23

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Definitions:

Elastic Supply

A situation where the quantity supplied of a good changes significantly in response to changes in its price.

Elastic Demand

a situation where the quantity demanded of a good or service significantly changes in response to a change in price.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price.

Excise Tax

A tax charged on specific goods and services, such as alcohol, tobacco, and gasoline.