The Manager of the Local Health Club Is Interested in Determining

question 120

Multiple Choice

The manager of the local health club is interested in determining the number of times members use the weight room per month.She takes a random sample of 15 members and finds that over the course of a month,the average number of visits was 11.2 with a standard deviation of 3.2.Assuming that the monthly number of visits is normally distributed,which of the following represents a 95% confidence interval for the average monthly usage of all health club members?

• A)11.2 ± 1.74
• B)11.2 ± 1.77
• C)11.2 ± 1.62
• D)11.2 ± 1.83

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Definitions:

Giffen Good

A type of good for which demand increases as its price increases, contradicting the basic laws of demand in economics due to the impact of strong income effects.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.

Labor Supply Curve

A graphical representation showing the relationship between the wages offered and the quantity of labor workers are willing to supply.

Backward-Bending

A term often used in labor economics to describe the supply curve of labor, which can bend backwards at higher wage levels, indicating that higher wages can lead to a decrease in labor supply.