An online auction website allows sellers to place a reserve on their items up for auction. Bids on an item with a reserve must exceed a predetermined price before the seller commits to the transaction. In a sample of 2,617 auctions, the mean reserve was $112 with a standard deviation of $560. Find an approximate 95% confidence interval for the true mean reserve price, µ. 116 ± 18.46
An online auction website allows sellers to place a reserve on their items up for auction. Bids on an item with a reserve must exceed a predetermined price before the seller commits to the transaction. In a sample of 2,617 auctions, the mean reserve was $112 with a standard deviation of $560. Find an approximate 95% confidence interval for the true mean reserve price, µ. 116 ± 18.46
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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An online auction website allows sellers to place a reserve on their items up for auction. Bids on an item with a reserve must exceed a predetermined price before the seller commits to the transaction. In a sample of 2,617 auctions, the mean reserve was $112 with a standard deviation of $560. Find an approximate 95% confidence interval for the true mean reserve price, µ.
- 116 ± 18.46
- 110 ± 20.61
- 112 ± 25.56
- 112 ± 21.46
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