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a. Calculate a 95% confidence interval for the average cost of accessories on Minis. b. Determine the margin of error in estimating the average cost of accessories or Minis. c. What sample size would be required to reduce the margin of error by 50%?

a. Calculate a 95% confidence interval for the average cost of accessories on Minis. b. Determine the margin of error in estimating the average cost of accessories or Minis. c. What sample size would be required to reduce the margin of error by 50%?

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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2. Car buyers often add accessories to their new cars. A sample of 179 Mini Cooper purchasers yielded a sample mean of Php. 5,000 worth of accessories added to the purchase above the Php. 20,200 base sticker prices. Suppose the cost of accessories purchased for all Minis has a standard deviation of Php. 1,500. a. Calculate a 95% confidence interval for the average cost of accessories on Minis. b. Determine the margin of error in estimating the average cost of accessories on Minis. c. What sample size would be required to reduce the margin of error by 50%?
Transcribed Image Text:2. Car buyers often add accessories to their new cars. A sample of 179 Mini Cooper purchasers yielded a sample mean of Php. 5,000 worth of accessories added to the purchase above the Php. 20,200 base sticker prices. Suppose the cost of accessories purchased for all Minis has a standard deviation of Php. 1,500. a. Calculate a 95% confidence interval for the average cost of accessories on Minis. b. Determine the margin of error in estimating the average cost of accessories on Minis. c. What sample size would be required to reduce the margin of error by 50%?
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