Trader Joes requires an area to have an average income of at least $45,000 to consider having a store. The Economics faculty at WKU constructed a 95% confidence interval for the average amount income of Bowling Green residents and computed this to be $26,000-$55,000. Which of the following statements is true? A. 95% of Bowling Green residents earn between $26,000 and $55,000 annually. B. 95% of Bowling Green residents in the sample to earn between $26,000 and $55,000 annually. C. With 95% confidence, we can say that Bowling Green residents earn between $26,000 and $55,000 annually. D. We are unable to determine without knowing the margin of error.

Trader Joes requires an area to have an average income of at least $45,000 to consider having a store. The Economics faculty at WKU constructed a 95% confidence interval for the average amount income of Bowling Green residents and computed this to be $26,000-$55,000. Which of the following statements is true? A. 95% of Bowling Green residents earn between $26,000 and $55,000 annually. B. 95% of Bowling Green residents in the sample to earn between $26,000 and $55,000 annually. C. With 95% confidence, we can say that Bowling Green residents earn between $26,000 and $55,000 annually. D. We are unable to determine without knowing the margin of error.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter19: Externalities And Public Goods

Section: Chapter Questions

Problem 19.12P

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