Answered: A random sample of 36 textbook prices…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Related questions

Concept explainers

Question

A random sample of 36 textbook prices is taken from a local college bookstore. The mean of the sample is ?̅= 72 , the sample standard deviation is s = 24, and the population is normally distributed.

a) Construct a 90% confidence interval for the mean price of all textbooks in the bookstore.

b) You want to estimate the mean price of all the textbooks in the college bookstore. How many books must be included in your sample if you want to be 95% confident that the sample mean is within $4 of the population mean?

(Refer to the attached picture for more information)

A random sample of 36 textbook prices is taken from a local college bookstore. The mean of the
sample is x = 72 , the sample standard deviation is s = 24, and the population is normally
distributed.
a) Construct a 90% confidence interval for the mean price of all textbooks in the bookstore.
b) You want to estimate the mean price of all the textbooks in the college bookstore. How
many books must be included in your sample if you want to be 95% confident that the
sample mean is within $4 of the population mean?
0.00
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
0.09
0.0 0.500000 0.503989 0.507978 0.511967 0.515953 0.519939 0.532922 0.527903 0.531881 0.535856
....
1.5 0.933193 0.934478 0.935744
0.936992 0.938220 0.939429 0.940620 0.941792 0.942947 0.944083
1.6 0.945201 0.946301 0.947384 0.948449 0.949497 0.950529 0.951543 0.952540 0.953521 0.954486
1.7 0.955435 0.956367 0.957284 0.958185 0.959071 0.959941 0.960796 0.961636 0.962462 0.963273
1.8 0.964070 0.964852 0.965621 0.966375 0.967116 0.967843 0.968557 0.969258 0.969946 0.970621
1.9 0.971283 0.971933 0.972571 0.973197 0.973810 0.974412 0.975002 0.975581
0.976148 0.976705
2.0 0.977250 0.977784 0.978308 0.978822 0.979325 0.979818 0.980301 0.980774 0.981237 0.981691

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

Expert Solution

Step by step

Solved in 2 steps with 6 images

SEE SOLUTION Check out a sample Q&A here

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, probability and related others by exploring similar questions and additional content below.