A Manager Wishes to Estimate a Population Mean Using a 95

question 33

Multiple Choice

A manager wishes to estimate a population mean using a 95% confidence interval estimate that has a margin of error of ±44.0.If the population standard deviation is thought to be 680,what is the required sample size?

• A)1215
• B)871
• C)1050
• D)918

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Definitions:

Positive Outcomes

Favorable results or benefits achieved from particular actions or activities, especially in the context of decisions or policies.

Anchoring

A cognitive bias that describes the human tendency to rely too heavily on the first piece of information offered when making decisions.

Overconfidence Effect

A psychological tendency where a person's personal assurance in their decisions exceeds the actual correctness of those decisions.

Prospect Theory

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