A 90% Confidence Interval Around the Variance Was Calculated

question 23

Short Answer

A 90% confidence interval around the variance was calculated. For n = 27, the confidence interval was 35.0-88.4. Give the variance of the sample.

---

Definitions:

Expenditures

The amount of money spent on various goods and services or to cover operating costs by individuals, businesses, or other entities.

Flow of Dollars

Refers to the movement of money through an economy, tracking how it is earned, spent, and invested.

Real Income

Real income refers to income adjusted for the effects of inflation, reflecting the true purchasing power of the money earned by individuals or entities.

Factors of Production

The resources used in the production of goods and services, which typically include land, labor, capital, and entrepreneurship.