Researchers Studied the Role That the Age of Workers Has

question 82

Multiple Choice

Researchers studied the role that the age of workers has in determining the hours per month spent on personal tasks.A sample of 1,686 adults were observed for one month.The data follow. Construct a 93 percent confidence interval for the mean hours spent on personal tasks for 45- to 64-year-olds.

• A) [4.26,4.36]
• B) [4.25,4.37]
• C) [4.27,4.35]
• D) [4.28,4.34]
• E) [2.83,5.79]

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Definitions:

Contribution Margin

The amount remaining from sales revenue after all variable expenses have been deducted, indicating the contribution towards covering fixed costs and generating profit.

Scarce Resource

An economic term referring to a resource that has limited availability in relation to its demand, leading to allocation decisions.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision.

Alternative Choices

Different options or courses of action that can be taken in a decision-making process.