Use the Given Degree of Confidence and Sample Data to Find

question 42

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 the same number of decimal places as the sample standard deviation.
-A sociologist develops a test to measure attitudes about public transportation, and 27 randomly selected subjects are given the test. Their mean score is 76.2 and their standard deviation is 21.4. Construct the 95% Confidence interval for the standard deviation, σ, of the scores of all subjects.

• A) \(16.6 < \sigma < 28.6\)
• B) \(17.2 < \sigma < 27.2\)
• C) \(16.9 < \sigma < 29.3\)
• D) \(17.5 < \sigma < 27.8\)

Understand the concept of ethnocentrism and its impact on consumer preferences and behavior.

Comprehend what decision-making heuristics are and identify three common heuristics utilized in consumer decision-making.

Evaluate how a product's country of origin can influence consumer purchase decisions.

Distinguish between market beliefs and actual market practices.

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Definitions:

Gross Domestic Product

The sum value in currency or market terms of every finished product and service created within a country during a specified period.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, often measured by GDP growth.

Private Consumption

The spending on goods and services by households for their own use.

Floating Exchange Rate

A currency system where the value of a currency is allowed to fluctuate according to the foreign exchange market.