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A random sample of 45 salespersons were asked how long, on average, they were able to talk to a potential customer. Their answers revealed a mean of 8.5 minutes with a variance of 9 minutes. Construct a 95% confidence interval for , the time it takes an salesperson to talk to a potential customer.
Framing Effects
Framing effects are cognitive biases where an individual's choice is influenced by the way information is presented, rather than just the information itself.
System 1
An automatic, fast, and often unconscious way of thinking, as described in dual-process theories of cognition.
Framing Effects
The influence on decision-making and judgment caused by the way information is presented, where different phrasing, presentation, or context can significantly alter individuals' choices.
Self-Serving Bias
A cognitive bias where individuals attribute positive outcomes to their own actions but negative outcomes to external factors.
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