8) Research of selling prices for used two-year-old Corvette reveals that they have astandard deviation of $2157 (based on data from Edmunds.com). How many selling pricesmust you obtain in order to estimate the mean selling price of these cars? Assume that youwant 98% confidence that your sample mean is within $250 of the population mean. (youneed to find the sample size).

Given that, Critical value: Using the z-table, the critical value at 98% confidence level is,

Answered: 8) Research of selling prices for used…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Considering salary of employee's in a company, the mean salary of managers is $102,000 per year. Is this number a statistic or parameter?
A study reported on essential organic molecules and a Normal model can be used to describe these levels in adults. If the mean is 194 mg/dL and a standard deviation is 28, complete the following questions. a) Draw and label the Normal model. b) What percent of adults do you expect to have this essential organic molecule, cholesterol, levels over 210 mg/dL? c) What percent of adults do you expect to have cholesterol levels between 150 and 170 mg/dL? d) Estimate the interquartile range of cholesterol levels. IQR=___________mg/dL e) Above what value are the highest 15% of adults' cholesterol levels? ___________mg/dL
In your work as a biomedical engineer, you need to better understand the distribution of adults' blood pressures. Specifically, you are interested in systolic blood pressure, which is a measure of pressure within arteries when a heart beats; this is the first number in a blood pressure reading. In healthy adults, systolic blood pressure has a normal distribution with a mean of 112 mm Hg and standard deviation of 10 mmHg. Before you collect sample data, you want to predict the range in which you expect almost all of the data to fall. Which of the following represents the interval that will likely contain almost all (~99.7%) of the sample measurements of healthy adult systolic blood pressure? A) (102 mm Hg, 122 mm Hg) B) (92 mm Hg, 132 mm Hg) C) (82 mm Hg, 142 mm Hg) D) (72 mm Hg, 152 mm Hg)
You are applying for a job at two companies. Company A offers starting salaries with u = $33,000 and o = $1,000. Company B offers starting salaries with u = $33,000 and o = $3,000. From which company are you more likely to get an offer of $35,000 or more? Choose the correct answer below. O A. Company A, because data values that lie more than two standard deviations from the mean are considered unusual. O B. No difference, because data values that lie more than three standard deviations from the mean are considered very unusual. O C. Company B, because data values that lie within one standard deviation from the mean are not considered unusual.
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Choose the correct option and explain.
Russell is doing some research before buying his first house. He is looking at two different areas of the city, and he wants to know if there is a significant difference between the mean prices of homes in the two areas. For the 39 homes he samples in the first area, the mean home price is $⁢176,400. Public records indicate that home prices in the first area have a population standard deviation of $⁢32,930. For the 32 homes he samples in the second area, the mean home price is $⁢181,500. Again, public records show that home prices in the second area have a population standard deviation of $⁢23,835. Let Population 1 be homes in the first area and Population 2 be homes in the second area. Construct a 95% confidence interval for the true difference between the mean home prices in the two areas. Round the endpoints of the interval to the nearest whole number, if necessary. Lowest Endpoint = upper Endpoint=
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Is a measure of 29 inches "far away" from a mean of 19 inches? Suppose the data come from a sample whose standard deviation is 2 inches. A. How many standard deviation is 29 inches from 19 inches? b. Is 29 inches far away from a mean of 19 inches? c. Suppose the standard deviation of the underlying data is 7 inches. Is 29 inches far away from a mean of 19 inches?
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