If You Need to Estimate the Population Mean Within 2

question 59

Multiple Choice

If you need to estimate the population mean within 2.5 units and with a confidence level of 95%, the minimum value observed is 15 and the maximum 65. What sample size would you use?

• A) 9
• B) 10
• C) 81
• D) 96
• E) 97

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Definitions:

Quality Reduction

A decrease in the standard or grade of products or services, often as a cost-saving measure by producers.

Prospect Theory

A behavioral economic theory that describes how people choose between probabilistic alternatives that involve risk, where the probability of outcomes is known.

Marginal Disutility

The added dissatisfaction or inconvenience experienced by consuming one more unit of a good or service.

Marginal Utility

The extra utility a consumer obtains from the consumption of 1 additional unit of a good or service; equal to the change in total utility divided by the change in the quantity consumed.