Professor York Randomly Surveyed 240 Students at Oxnard University and Found

question 53

Multiple Choice

Professor York randomly surveyed 240 students at Oxnard University and found that 150 of the students surveyed watch more than 10 hours of television weekly. Develop a 95 percent confidence interval to estimate the true proportion of students who watch more than 10 hours of television each week. The confidence interval is:

• A).533 to .717
• B).564 to .686
• C).552 to .698
• D).551 to .739

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Definitions:

Total Utility Function

A mathematical representation of the total satisfaction received from consuming a certain amount of goods or services.

Risk-Averse

A characteristic of individuals who prefer to avoid risk and would rather choose an option with a more certain but possibly lower return over an uncertain option with a potentially higher return.

Total Utility

The total satisfaction received from consuming a certain quantity of goods or services.

Increasing Marginal Utility

A situation in which each additional unit of a good or service consumed provides more utility or satisfaction than the previous one.