The 90% Confidence Interval Estimate for a Population Standard Deviation

question 67

Multiple Choice

The 90% confidence interval estimate for a population standard deviation when a sample variance of 50 is obtained from a sample of 15 items is

• A)4.18 to 15.07
• B)5.18 to 11.15
• C)5.44 to 10.32
• D)29.55 to 106.53

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Definitions:

Utility Maximizing

The economic principle where individuals or entities make choices to get the highest level of satisfaction from their resources.

Market Basket

A collection of goods and services used to track inflation, consumer spending, or the cost of living in an economy.

MRSxy

The Marginal Rate of Substitution between good x and good y, indicating the rate at which a consumer is willing to give up good y for an additional unit of good x, keeping utility constant.

Purchasing Power

The real value of money, defining how much goods or services a unit of currency can buy, often influenced by inflation.