Suppose a Researcher Is Interested in Understanding the Variation in the Price

question 60

Multiple Choice

Suppose a researcher is interested in understanding the variation in the price of store brand milk.A random sample of 36 grocery stores selected from a population and the mean price of store brand milk is calculated.The sample mean is $3.13 with a standard deviation of $0.23.Construct a 95% confidence interval to estimate the population mean.

• A) $3.03 to $3.23
• B) $3.12 to $3.14
• C) $3.05 to $3.21
• D) $2.90 to $3.36
• E) $3.06 to $3.20

---

Definitions:

Overgrazed

Describes land that has been excessively used by grazing animals, leading to environmental degradation.

Desert

A barren area of landscape where little precipitation occurs, and consequently, living conditions are hostile for plant and animal life.

Production Possibilities Curve

A graphical representation that shows the maximum combination of goods and services that can be produced with a given set of resources and technology, illustrating the concept of opportunity cost.

Optimal Point

The most favorable or advantageous condition or value of a variable determined within a given set of constraints.