Use the Given Degree of Confidence and Sample Data to Find

question 107

Multiple Choice

Use the given degree of confidence and sample data to find a confidence interval for the population standard deviation σ.
Assume that the population has a normal distribution. Round the confidence interval limits to one more decimal place
than is used for the original set of data.
-The daily intakes of milk (in ounces) for ten randomly selected people were: $\begin{array}{lllll}23.3 & 28.4 & 10.5 & 16.4 & 26.4\end{array}$
$\begin{array}{lllll}18.1 & 20.4 & 17.3 & 27.4 & 13.2\end{array}$

Find a $99 \%$ confidence interval for the population standard deviation $\sigma$ .

• A) \(3.66 \mathrm { oz } < \sigma < 12.53 \mathrm { oz }\)
• B) \(0.88 \mathrm { oz } < \sigma < 3.38 \mathrm { oz }\)
• C) \(3.78 \mathrm { oz } < \sigma < 13.95 \mathrm { oz }\)
• D) \(3.78 \mathrm { oz } < \sigma < 12.53 \mathrm { oz }\)

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Definitions:

Total Surplus

The sum of consumer and producer surplus, representing the total net benefit to society from the production and consumption of goods.

Free-Trade Policy

A policy approach that encourages international trade by minimizing tariffs, duties, and other barriers to import and export.

World Price

The international market price of a good or service, determined by global supply and demand, which influences domestic prices and competition.

International Trade

The exchange of goods, services, and capital across international borders or territories, driven by economic motives like gaining access to new markets or acquiring resources.