A Statistics Professor Wishes to Estimate the Average Mark on a Term

question 57

Multiple Choice

A statistics professor wishes to estimate the average mark on a term test for a course that has
Multiple sections and many students. A survey of some of the students registered for the course
Reveals the following results:
The student from the course wonders whether the population mean could have been 75 or 80.

• A) Since 80 is within the 95% confidence interval, the population mean is likely to be 80.
• B) Since 80 is not within the 95% confidence interval, the population mean is not likely to be 80.
• C) Since 75 is within the 95% confidence interval, the population mean is likely to be 75.
• D) Since neither 75 nor 80 is within the 95% confidence interval, the population mean is not likely to be 75 or 80.
• E) Since 80 is not within the 95% confidence interval, the population mean is not likely to be 80, but it is likely to be 75.

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Definitions:

Long Run

Amount of time needed to make all production inputs variable.

Price Elasticity

A measure of the responsiveness of quantity demanded or supplied of a good to a change in its price, indicating how changes in price can affect consumption or production volumes.

Brand Loyalty

The tendency of consumers to continuously purchase one brand's products over another, often due to a perceived superiority or an emotional attachment.

Monopoly Power

The ability of a company or entity to control the price and supply of a product or service, due to the lack of competition in the market.