Homework Help is Here – Start Your Trial Now!
Math
Statistics
. Find a 90​% confidence interval for μ. The 90​% confidence interval is from $______million to $______million. ​(Round to two decimal places as​ needed.) b. Why is the confidence interval you found in part​ (a) shorter than the 95​% confidence​ interval?   The z-score used in computing the confidence interval found in part​ (a) is less than the corresponding value for the 95% confidence interval.

. Find a 90​% confidence interval for μ. The 90​% confidence interval is from $______million to $______million. ​(Round to two decimal places as​ needed.) b. Why is the confidence interval you found in part​ (a) shorter than the 95​% confidence​ interval?   The z-score used in computing the confidence interval found in part​ (a) is less than the corresponding value for the 95% confidence interval.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
a. Find a 90​% confidence interval for μ.
The 90​% confidence interval is from $______million to $______million.
​(Round to two decimal places as​ needed.)
b. Why is the confidence interval you found in part​ (a) shorter
than the 95​% confidence​ interval?
 
The z-score used in computing the confidence interval found in part​ (a) is less than the corresponding value for the 95% confidence interval.
**Analysis of New Mobile Home Prices** A government bureau publishes annual price figures for new mobile homes. A simple random sample of 36 new mobile homes yielded the following prices (in thousands of dollars). Assume that the population standard deviation of all such prices is $10,200. Use the data to obtain a 99.7% confidence interval for the mean price of all new mobile homes. ### Data Table: Prices of New Mobile Homes The table below displays the prices (in thousands) of 36 randomly selected new mobile homes: - 66.6, 68.3, 59.4, 56.3, 64.3, 62.7 - 56.6, 71.7, 62.8, 66.4, 72.4, 63.5 - 57.3, 65.6, 61.9, 55.6, 50.2, 73.5 - 49.4, 56.1, 71.3, 58.8, 64.8, 57.0 - 51.4, 53.0, 55.3, 76.0, 77.9, 59.7 - 73.0, 56.8, 71.7, 62.6, 76.8 ### Exercise: Use the provided sample prices to calculate the 99.7% confidence interval for the mean price of all new mobile homes. The confidence interval should be rounded to the nearest dollar. Calculate the end points of the confidence interval and fill in the blanks: The 99.7% confidence interval is from $____ to $____.
Transcribed Image Text:**Analysis of New Mobile Home Prices** A government bureau publishes annual price figures for new mobile homes. A simple random sample of 36 new mobile homes yielded the following prices (in thousands of dollars). Assume that the population standard deviation of all such prices is $10,200. Use the data to obtain a 99.7% confidence interval for the mean price of all new mobile homes. ### Data Table: Prices of New Mobile Homes The table below displays the prices (in thousands) of 36 randomly selected new mobile homes: - 66.6, 68.3, 59.4, 56.3, 64.3, 62.7 - 56.6, 71.7, 62.8, 66.4, 72.4, 63.5 - 57.3, 65.6, 61.9, 55.6, 50.2, 73.5 - 49.4, 56.1, 71.3, 58.8, 64.8, 57.0 - 51.4, 53.0, 55.3, 76.0, 77.9, 59.7 - 73.0, 56.8, 71.7, 62.6, 76.8 ### Exercise: Use the provided sample prices to calculate the 99.7% confidence interval for the mean price of all new mobile homes. The confidence interval should be rounded to the nearest dollar. Calculate the end points of the confidence interval and fill in the blanks: The 99.7% confidence interval is from $____ to $____.
**Investment Data and Confidence Interval Analysis** A random sample of 18 venture-capital investments in a specific business sector yielded the following data, measured in millions of dollars. We assume the population standard deviation is $1.87 million. A 95% confidence interval for the mean amount, μ, of all venture-capital investments in this business sector is given as $5.99 million to $7.72 million. Conditions for computing this confidence interval are satisfied. The sum of the data is $123.44 million and the mean is $6.86 million. ### Task a. Find a 90% confidence interval for μ. The 90% confidence interval is from $___ million to $___ million. (Round to two decimal places as needed.) ### Investment Data The investment amounts in millions are as follows: - Row 1: 6.53, 6.66, 6.72, 10.08, 3.27, 5.83 - Row 2: 5.72, 6.37, 4.60, 9.32, 6.16, 7.51 - Row 3: 4.82, 8.12, 9.92, 5.59, 8.93, 7.29 ### Instructions - To compute the confidence interval, consider using the standard normal curve. - Refer to tables of areas under the standard normal curve if needed. This information is crucial for understanding the spread and certainty regarding venture-capital investments within the sector.
Transcribed Image Text:**Investment Data and Confidence Interval Analysis** A random sample of 18 venture-capital investments in a specific business sector yielded the following data, measured in millions of dollars. We assume the population standard deviation is $1.87 million. A 95% confidence interval for the mean amount, μ, of all venture-capital investments in this business sector is given as $5.99 million to $7.72 million. Conditions for computing this confidence interval are satisfied. The sum of the data is $123.44 million and the mean is $6.86 million. ### Task a. Find a 90% confidence interval for μ. The 90% confidence interval is from $___ million to $___ million. (Round to two decimal places as needed.) ### Investment Data The investment amounts in millions are as follows: - Row 1: 6.53, 6.66, 6.72, 10.08, 3.27, 5.83 - Row 2: 5.72, 6.37, 4.60, 9.32, 6.16, 7.51 - Row 3: 4.82, 8.12, 9.92, 5.59, 8.93, 7.29 ### Instructions - To compute the confidence interval, consider using the standard normal curve. - Refer to tables of areas under the standard normal curve if needed. This information is crucial for understanding the spread and certainty regarding venture-capital investments within the sector.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Point Estimation, Limit Theorems, Approximations, and Bounds
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS