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

question 106

Multiple Choice

Provide an appropriate response.
-Construct a $98 \%$ confidence interval for the population mean, $\mu$ . Assume the population has a normal distribution. A study of 14 car owners showed that their average repair bill was $\$ 192$ with a standard deviation of $\$ 8 .$

• A) \(( \$ 186.30 , \$ 197.70 )\)
• B) \(( \$ 222.30 , \$ 256.10 )\)
• C) \(( \$ 328.30 , \$ 386.90 )\)
• D) \(( \$ 115.40 , \$ 158.80 )\)

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Capitalist Form

A socio-economic system characterized by private ownership of capital goods, investments determined by private decision, and prices, production, and the distribution of goods determined mainly by competition in a free market.

Mixed Economy

An economic system combining private and public enterprise.

Private Sector

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Public Sector

The part of the economy comprising government services and publicly operated enterprises, funded by taxation.