A random sample of 20 purchases showed the amounts in the table (in $). The mean is $49.30 and the standard deviation is $21.86. a) Construct a 98% confidence interval for the mean purchases of all customers, assuming that the assumptions and conditions for the confidence interval have been met. b) How large is the margin of error? c) How would the confidence interval change if you had assumed that the population standard deviation was known to be $22?
A random sample of 20 purchases showed the amounts in the table (in $). The mean is $49.30 and the standard deviation is $21.86. a) Construct a 98% confidence interval for the mean purchases of all customers, assuming that the assumptions and conditions for the confidence interval have been met. b) How large is the margin of error? c) How would the confidence interval change if you had assumed that the population standard deviation was known to be $22?
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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A random sample of 20 purchases showed the amounts in the table (in $). The mean is $49.30 and the standard deviation is $21.86.
a) Construct a 98% confidence interval for the mean purchases of all customers, assuming that the assumptions and conditions for the confidence interval have been met.
b) How large is the margin of error?
c) How would the confidence interval change if you had assumed that the population standard deviation was known to be $22?
Transcribed Image Text:80.07 46.00 33.65
40.73 28.05
73.99
81.14 49.00 74.42
22.45
50.49
35.50
6.36
31.25
78.32
44.99 71.76 58.78
25.95 53.05
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