You would like to construct a 99% confidence interval to estimate the population mean store on a nationwide examination in finance, and for this purpose wechoose a random sample of exam scores. The sample we choose has a mean of 485 and a standard deviation of 77.(a) What is the best point estimate, based on the sample, to use for the population mean?(b) For each of the following sampling scenarios, determine which distribution should be used to calculate the critical valuefor the 99% confidence interval for the population mean.(In the table, Z refers to a standard normal distribution, and t refers to a t distribution.)Sampling scenarioThe sample has size 17, and it is from a normally distributedpopulation with an unknown standard deviation.The sample has size 18, and it is from a population with adistribution about which we know very little.The sample has size 80, and it is from a non-normally distributedpopulation with a known standard deviation of 76.ContinueF3DOD000 F4F5ZO OOOtF6OOMacBook AirCould useeither Z or tOOX 5OF7UnclearOOFOF10Submit Assignm

given data, CI=0.99α=1-0.99=0.01x¯=485S=77we have to answer given subparts

Answered: (a) What is the best point estimate,…

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 sample of 80 University night school students' ages was obtained in order to estimate the mean age of all night school students. The sample mean was 25.1 years, with a sample variance of 16.2. a. Give the point estimate for µ, the population mean, along with the margin of error. b. Calculate the 99% confidence interval for µ.
In the past, the mean age of consumers of a product was 38 years. Recently the product has been drastically changed. In order to determine whether there has been a change in the mean age of the product consumers, a sample of 16 consumers is selected. The mean age in the sample is 33 years and the standard deviation in the sample is 10 years. Let u = the mean age of the current product (Problem Set #7) consumers. The value of the test statistic is Oa. -2.00 O b.-1.60 OC .0.8 O d. 4.21
Solve for D
Allen's hummingbird (Selasphorus sasin) has been studied by zoologist Bill Alther.t Suppose a small group of 20 Allen's hummingbirds has been under study in Arizona. The average weight for these birds is x = 3.15 grams. Based on previous studies, we can assume that the weights of Allen's hummingbirds have a normal distribution, with o = 0.32 gram. (a) Find an 80% confidence interval for the average weights of Allen's hummingbirds in the study region. What is the margin of error? (Round your answers to two decimal places.) lower limit upper limit margin of error (b) What conditions are necessary for your calculations? (Select all that apply.) O normal distribution of weights Oo is known O n is large O o is unknown O uniform distribution of weights (c) Interpret your results in the context of this problem. O The probability that this interval contains the true average weight of Allen's hummingbirds is 0.20. O we are 80% confident that the true average weight of Allen's hummingbirds falls…
A company that develops an automated customer service model is interested in knowing whether two versions, Version A and Version B, will get different ratings from customers. Participants in a focus group are taken through samples from both versions, then take a survey to rate each version. A summary of the data obtained from the study is given below. Assume ratings from the different surveys generally have the same standard deviation. Mean Observations Pearson Correlation Hypothesized Mean Difference df t Stat P(T<=t) one-tail t Critical one-tail P(T<=t) two-tail t Critical two-tail Confidence Level Version A Version B 33.133 28.67 15 15 -0.325 0.00 14 n = Ex: 9 -1.426 0.088 -1.345 0.176 -1.761 95% Degrees of freedom: df Point estimate for Version A: XA = Ex: 1.234 Point estimate for Version B: x B = 1 = من t = −1 Ex: 1.234 0 1 t = P = = Ex: 1.234 2 3 2
For the provided sample mean, sample size, and population standard deviation, complete parts (a) through (c) below. Assume that x is normally distributed. x= 30, n=9, 6 = 6 a. Find a 95% confidence interval for the population mean. The 95% confidence interval is from to (Round to two decimal places as needed.)
In order to use the formula ??−???=??√σx−bar=σn to calculate the standard deviation of the sampling distribution of the sample mean, what is the minimum sample size required? (a) 10 (b) 30 (c) 50 (d) 100
For the provided sample mean, sample size, and population standard deviation, complete parts (a) through (c) below. Assume that x is normally distributed. x=31 n=9 σ=6 a. Find a 95% confidence interval for the population mean. The 95% confidence interval is from _______ to __________. (Round to two decimal places as needed.) b. Identify and interpret the margin of error. The margin of error is ___________ (Round to two decimal places as needed.) Interpret the margin of error. Choose the correct answer below. A. We can be 95% confident that the population mean, μ, is within the margin of error of the sample mean, 31. B. We can be 95% confident that any possible value of the variable is within the margin of error of the sample mean, 31. C. We can be 95% confident that any possible value of the variable is within the margin of error of the population mean, μ. D. We can be 95% confident that any possible sample mean is within the…
Smith and Smith are Certified Public Accountants who are in love with statistical analysis for audit sampling because of its objectivity and precision. They made an estimation of expected population deviation of their client’s accounts receivable to be 2.1% . However, they seem to have a rough idea that the sample is representative of the population and that its deviation approximates that of the population deviation. They decided to set their sample deviation parameters at + 3 or – 3% Required: a. What will be the sample risk deviation tolerable at the lowest limit level for your audit? The total Accounts Receivable is $500,000.00. This is the assertion by management. b. What will be the sample risk deviation that is tolerable at the highest level?

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