A Random Sample of 81 Students at a Local University

question 44

Short Answer

A random sample of 81 students at a local university showed that they work an average of 60 hours per month with a standard deviation of 18 hours. Compute a 95% confidence interval for the mean of the population.

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Definitions:

United States

A nation situated in North America, comprised of 50 states along with a federal district, renowned for its considerable impact on worldwide economics, politics, and cultural affairs.

England

A country that is part of the United Kingdom, known for its rich history, cultural significance, and economic influence.

Constant Marginal Cost

The condition where the cost of producing an additional unit of a good or service remains the same, regardless of the quantity produced.

Separate Markets

Markets that do not interact with each other due to various factors such as geography, product differentiation, or consumer preferences, leading to potentially different prices for similar goods.