You Calculate a 95% Confidence Interval with Bounds 2

question 28

Multiple Choice

You calculate a 95% confidence interval with bounds 2.5 and 7. Which of these is an appropriate way to state that confidence interval?

• A) CI₉₅ = [7.0, 2.5]
• B) CI₉₅ = [2.5, 7.0]
• C) CI₉₅ = (7.0, 2.5)
• D) CI₉₅ = (2.5, 7.0)

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Definitions:

Wasted Resources

A form of inefficiency in which people expend money, effort, and time to cope with the shortages caused by a price ceiling.

Surplus

The amount by which the supply of a product exceeds its demand, often leading to lower prices.

Market For Butter

The economic platform where buyers and sellers engage in the exchange of butter, determining its price and quantity available.

Price Floor

A government or group-imposed price control that sets the minimum allowed price above the equilibrium price, potentially leading to surpluses.