A Study Is Going to Be Conducted in Which a Mean

question 80

Multiple Choice

A study is going to be conducted in which a mean of a lifetime of batteries produced by a certain method will be estimated using a 90% confidence interval.The estimate needs to be within +/- 2 hours of the actual population mean.The population standard deviation is estimated to be around 25.The necessary sample size should be at least _______.

• A) 100
• B) 21
• C) 923
• D) 35
• E) 423

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Definitions:

Nation's Wealth

The total value of all assets owned by the inhabitants of a country, including both financial assets and physical assets.

Percentage

A percentage is a way of expressing a number as a fraction of 100.

Expected Utility

The sum of the utilities coming from all possible outcomes of a deal, weighted by the probability of each occurring.

Risk-loving

An inclination to engage in behaviors or decisions that involve exposure to uncertainty, with the potential for higher rewards.