Jay Calculates the 95% Confidence Interval for the Difference Between

question 23

Multiple Choice

Jay calculates the 95% confidence interval for the difference between means.He finds the interval ranges from 1.85 to 4.08.What might Jay conclude from this finding?

• A) 95% of the means have values of 1.85 and 4.08.
• B) He is a 95% certain that the interval 1.85 to 4.08 contains the difference between means.
• C) The results will not be significant 95% of the time.
• D) 95% of the population will be confident in his results.

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Definitions:

Fixed Input

A resource in the production process whose quantity cannot easily be changed in the short term, such as buildings and machinery.

Marginal Cost

The increase in cost caused by producing one additional unit of a good or service.

Average Total Cost

The total cost of production divided by the quantity of output produced, encompassing both fixed and variable costs.

Average Total Cost

The total cost of production divided by the number of units produced, measuring the cost per unit of output.