Use the Information Below to Answer the Following Questions -Refer to the Table Above

question 1

Multiple Choice

Use the information below to answer the following questions.
Scott's Fencing constructs paling fences. During last month, the fencing division erected 4,000 metres of fencing. The costs incurred by the division were as follows: $$\begin{array} { l r } \text { Palings } & \$ 4,000 \\\text { Posts } & \$ 5,000 \\\text { Nails (no usage records) } & \$ 500 \\\text { Cement (no usage records) } & \$ 500 \\\text { Wear and tear on equip. } & \$ 2,000\end{array}$$
-Refer to the table above. The cost per metre of fencing is:

• A)$2.25.
• B)$2.75.
• C)$2.50.
• D)$3.00.

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Definitions:

Margin of Error

An expression of the amount of random sampling error in a survey's results, which describes the range that the true value lies within with a certain level of confidence.

Confidence Coefficient

The probability level, associated with a confidence interval, that the true parameter lies within the interval.

Interval Estimation Procedure

A method of estimating the range of values where a population parameter lies, based on sample statistics.