If a Population Is Hypothesized to Have a Mean Value

question 38

Multiple Choice

If a population is hypothesized to have a mean value of 15, but the 95% confidence interval based of a sample of 14 values is 16 < μ < 24, what is the t-statistic of the corresponding one sample t-test?

• A) 2.65
• B) 2.70
• C) 2.75
• D) 2.80

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Definitions:

Demand Schedule

A diagram indicating the volume of goods or services that consumers can and will buy at assorted prices.

Marginal Cost

The investment needed to make an extra unit of a good or service.

Average Cost

A measure of the total cost of production divided by the number of units produced, used to calculate the cost per unit.

Industry Demand

The total demand for the products or services provided by a specific industry, represented as the sum of individual demands within a market.