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
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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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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