You Want to Estimate the Average Gas Price in Your

question 99

Multiple Choice

You want to estimate the average gas price in your city for a litre of regular unleaded gasoline.You take a random sample of prices from 15 gas stations,recording an average cost of $1.27 and a standard deviation of $0.06.Create a 95% confidence interval for the mean price per litre of gas.

• A)($1.23,$1.41)
• B)($1.24,$1.38)
• C)($1.24,$1.30)
• D)($1.21,$1.43)
• E)($1.26,$1.38)

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Definitions:

Isoquant

A curve representing all combinations of inputs that produce the same level of output, used in the analysis of production decisions.

Slope

The measure of the steepness or incline of a line, representing the ratio of the vertical change to the horizontal change.

Production Function

Describes the relationship between inputs used in production and the resulting output, showing how factors like labor and capital are transformed into goods or services.

Output

The quantity of products or services that a business, sector, or economic system generates.