A Lawyer Researched the Average Number of Years Served by 45

question 19

Multiple Choice

A lawyer researched the average number of years served by 45 different judges on the Supreme Court. The average number of years served was 13.8 years with a standard deviation of 7.3 years. What is the
95% confidence interval for the average number of years served by all Supreme Court judges?

• A) \(11.7 < \mu < 15.9\)
• B) \(11.8 < \mu < 15.8\)
• C) \(12.9 < \mu < 16.9\)
• D) \(12.5 < \mu < 17.3\)

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Definitions:

Perfectly Competitive

A market structure where numerous small firms compete against each other selling identical products, and where no single firm can influence the market price.

Total Profit

The overall financial gain made by a business after subtracting all costs and expenses from the total revenue.

Marginal Profit

The additional profit earned by producing and selling one additional unit of a good or service.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, holding all other inputs constant.