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A random sample of 49 shoppers showed that they spend an average of $23.45 per visit and the Saturday Mornings Bookstore. The standard deviation of the population is $2.80. Find a point estimate for the population mean.

A random sample of 49 shoppers showed that they spend an average of $23.45 per visit and the Saturday Mornings Bookstore. The standard deviation of the population is $2.80. Find a point estimate for the population mean.

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
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ecimal 1. A random sample of 49 shoppers showed that they spend an average of $23.45 per visit and the Saturday Mornings Bookstore. The standard deviation of the population is $2.80. Find a point estimate for the population mean. 2. In a simple random sample of 125 households, the sample mean number of personal computers was 1.18. Assume the population standard deviation is 0.33. a. Construct an 80% confidence interval for the mean number of personal computers. Round the answer to at least two decimal places. 12.5 ide b. What calculator function did you use to create this interval? (T-interval, Z-interval, etc.) C. If the sample size were 95 rather than 125, would the margin of error be larger or smaller than the result in part (a)? d. If the confidence levels were 99% rather than 80%, would the margin of error be larger or smaller than the result in part (a)?
Transcribed Image Text:ecimal 1. A random sample of 49 shoppers showed that they spend an average of $23.45 per visit and the Saturday Mornings Bookstore. The standard deviation of the population is $2.80. Find a point estimate for the population mean. 2. In a simple random sample of 125 households, the sample mean number of personal computers was 1.18. Assume the population standard deviation is 0.33. a. Construct an 80% confidence interval for the mean number of personal computers. Round the answer to at least two decimal places. 12.5 ide b. What calculator function did you use to create this interval? (T-interval, Z-interval, etc.) C. If the sample size were 95 rather than 125, would the margin of error be larger or smaller than the result in part (a)? d. If the confidence levels were 99% rather than 80%, would the margin of error be larger or smaller than the result in part (a)?
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