A Market Research Company Was Interested in Assessing How Much

question 20

Multiple Choice

A market research company was interested in assessing how much money a single adult typically spent on groceries in one week.Participants were 772 single adults and the mean weekly grocery expenditure was found to be $69.70 with a standard deviation of $2.80.The 99% confidence interval for the mean weekly grocery expenditures for single adults would be _____.

• A)[63.19,76.21]
• B)[62.49,76.91]
• C)[69.65,69.75]
• D)[69.47,69.93]
• E)[69.44,69.96]

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Definitions:

Game Theory

The study of how people behave in strategic situations in which individuals must take into account not only their own possible actions but also the possible reactions of others. Originally developed to analyze the best ways to play games like poker and chess.

Economies Of Scale

Cost advantages that enterprises obtain due to their scale of operation, typically associated with efficiencies in production as output increases.

Collusion

An agreement between firms in a market to limit competition and manipulate prices or market conditions.

Game Theory

A theoretical framework for conceiving social situations among competing players and predicting their choices of action through mathematical models.