In Constructing Confidence Interval Estimate for the Difference Between the Means

question 65

Essay

In constructing confidence interval estimate for the difference between the means of two populations,where the unknown population variances are assumed not to be equal,summary statistics computed from two independent samples are as follows: , , , , ,and .Construct 90% confidence interval for .

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Definitions:

Marginal Rate Of Technical Substitution

The rate at which one input can be reduced for an additional unit of another input, while keeping the level of output constant.

Marginal Rate Of Substitution

The rate at which a consumer is willing to substitute one good for another, keeping utility constant, reflecting the trade-offs between goods.

Efficiency

The extent to which resources are used optimally to achieve the desired outputs with minimum waste or effort.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.