In an Examination of Purchasing Patterns of Shoppers, a Sample

question 84

Multiple Choice

In an examination of purchasing patterns of shoppers, a sample of 16 shoppers revealed that they spent, on average, $54 per hour of shopping. Based on previous years, the population standard deviation is thought to be $21 per hour of shopping. Assuming that the amount spent per hour of shopping is normally distributed, find a 90% confidence interval for the mean amount.

• A) [$45.36, $62.64]
• B) [$47.27, $60.73]
• C) [$51.84, $56.16]
• D) [$52.32, $55.68]

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Definitions:

Computer Software

Programs and operating information used by a computer to perform specific tasks or functions.

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing and able to purchase at a specific price level.

Market Demand Curve

A graph that shows the relationship between the price of a good and the quantity of that good all consumers are willing to purchase at each price level.