A Local Company Makes a Candy That Is Supposed to Weigh

question 139

Multiple Choice

A local company makes a candy that is supposed to weigh 1.00 ounces.A random sample of 25 pieces of candy produces a mean of 0.996 ounces with a standard deviation of 0.004 ounces.Construct a 98% confidence interval for the mean weight of all such candy.

• A)[0.9645 1.0275]
• B)[0.9956 0.9964]
• C)[0.9860 1.0060]
• D)[0.9940 0.9980]
• E)[0.9942 0.9978]

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Definitions:

Equilibrium Price

The cost at which the amount of a product or service that consumers want to buy matches the amount that producers are willing to sell, creating a balanced market situation.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various price levels, at a given point in time.

Supply

The total amount of a good or service available for purchase at any given price.

Surplus

The situation where the quantity of a good or service supplied exceeds the quantity demanded, often causing downward pressure on price.