THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 1

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A restaurant manager was in charge of purchasing new microwaves for his restaurant.The choices were narrowed to two available models.Since the two models cost about the same,the manager was interested in determining whether there was a difference in the amount of power consumed when operated at high voltages.Based on two independent random samples,the following summary information was computed:

-Find a 95% confidence interval for the difference in the amount of power consumed at high voltages by the two models.

• A)0.2 ± 0.49
• B)0.2 ± 0.58
• C)0.2 ± 0.64
• D)0.2 ± 1.28

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Definitions:

Technical Substitution

The process of replacing one combination of inputs or technologies with another to produce the same level of output.

Inputs

Elements utilized in creating products, covering workers, funds, raw materials, and electricity.

Isoquant

A curve depicting all combinations of inputs that result in the production of the same level of output.

Production Function

A mathematical model representing the relationship between the inputs used in production and the output of goods or services.