Professors of Accountancy Are in High Demand at American Universities

question 53

Multiple Choice

Professors of accountancy are in high demand at American universities. A random sample of 28 new accounting professors found the average salary was $135 thousand with a standard deviation of $16 thousand. Assume the distribution is normally distributed. Construct a 90% confidence interval for the salary of new accounting professors. Answers are in thousands of dollars.

• A) [107.7520, 162.2480]
• B) [129.8497, 140.1503]
• C) [130.0260, 139.9740]
• D) [131.0268, 138.9732]

---

Definitions:

Purchase

The act of buying goods or services.

Gasoline Prices

The cost per unit of gasoline, influenced by factors such as crude oil prices, refinery costs, taxes, and demand.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price level, at a specific point in time.

Demand

The total quantity of a good or service that consumers are willing and able to purchase at various prices during a specific time period.