THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 36

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A process producing bricks is known to produce bricks whose weights are normally distributed with a standard deviation of 0.11 lb.A random sample of 16 bricks from today's output had a mean weight of 4.08 lb.
-Without doing the calculations,explain whether a 95% confidence interval for the mean weight of all bricks produced this day would be wider than,narrower than,or the same width as that of a 99% confidence interval.

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Definitions:

Accounting Profit

The difference between the total revenue received from sales and the total explicit costs of a business.

Explicit Costs

Direct payments made to others in the course of running a business, such as wages, rent, and materials.

Implicit Costs

The opportunity costs of using resources that a business already owns, representing the potential income lost in employing them in a specific task.

Forgone Income

Income not earned due to choosing an alternative action, such as studying full-time instead of working.