Suppose You Have Obtained a Confidence Interval for μ,But Wish

question 10

Multiple Choice

Suppose you have obtained a confidence interval for μ,but wish to obtain a greater degree of precision.Which of the following would result in a narrower confidence interval?
I.Increasing the sample size while keeping the confidence level fixed
II.Decreasing the sample size while keeping the confidence level fixed
III.Increasing the confidence level while keeping the sample size fixed
IV.Decreasing the confidence level while keeping the sample size fixed

• A)I,III
• B)III,IV
• C)II,III
• D)II,IV
• E)I,IV

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Definitions:

Tax Revenue

The earnings obtained by governments from tax collection.

Consumer Surplus

The contrast between what consumers intend to pay for an item or service and the real cost they bear.

Producer Surplus

The gap between the price producers are prepared to take for a product and the price they end up getting.

Pizza Tax

A hypothetical or symbolic tax imposed on unhealthy food products to discourage consumption and address public health concerns.