In Developing an Interval Estimate for a Population Mean,a Sample

question 53

Multiple Choice

In developing an interval estimate for a population mean,a sample of 40 observations was used.The interval estimate was 28.76 ± 1.48.Had the sample size been 160 instead of 40,the interval estimate would have been:

• A)28.76 ± 0.37
• B)28.76 ± 0.74
• C)28.76 ± 1.48
• D)28.76 ± 2.96

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Definitions:

Change in Supply

An alteration in the quantity of a product that producers are willing and able to sell in the market, due to factors like changes in cost of production or technological improvements.

Quantity Supplied

The quantity supplied refers to the amount of a good or service that producers are willing to sell at a given price over a specified period.

Rationing Function

The process by which a scarce resource is distributed among competing users.

Dynamic Pricing

A pricing strategy where prices are adjusted in real-time based on demand, supply, and other market conditions.