A Random Sample of 144 Observations Has a Mean of 20

question 77

Multiple Choice

A random sample of 144 observations has a mean of 20, a median of 21, and a mode of 22. The population standard deviation is known to equal 4.8. The 95.44% confidence interval for the population mean is _____.

• A) 15.2 to 24.8
• B) 19.2 to 20.8
• C) 19.216 to 20.784
• D) 21.2 to 22.8

---

Definitions:

Economically Most Efficient

The state where resources are allocated in a way that maximizes the production of goods and services at the lowest cost.

Labor and Capital

The primary factors of production, where labor refers to human work effort and capital to tools, equipment, and buildings used in production.

Government Subsidized Property Insurance

Insurance programs supported by the government to make coverage available and affordable, often in high-risk areas.

Insurance Costs

represent the expenses related to purchasing insurance coverage, which provides financial protection against potential future losses or damages.