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An online retailer has identified the maximum willingness of 10 consumers to pay for the same product. The 10 prices are: $10.00, $11.50, $9.50, $10.20, $11.20, $10.50, $9.80, $10.10, $9.90, $11.00 The retailer seeks a 95% confidence interval for the mean price consumers are willing to pay. The sample mean is calculated as $10.37, and the sample standard deviation is $0.66. Also consider the following t-values: Degrees of freedom 8 9 10 90% confidence 1.86 1.833 1.812 95% confidence 2.306 2.262 2.228 99% confidence 3.355 3.250 3.169 Selecting the correct t-value, calculate the limits of the confidence interval. a. (9.99, 10.75)

An online retailer has identified the maximum willingness of 10 consumers to pay for the same product. The 10 prices are: $10.00, $11.50, $9.50, $10.20, $11.20, $10.50, $9.80, $10.10, $9.90, $11.00 The retailer seeks a 95% confidence interval for the mean price consumers are willing to pay. The sample mean is calculated as $10.37, and the sample standard deviation is $0.66. Also consider the following t-values: Degrees of freedom 8 9 10 90% confidence 1.86 1.833 1.812 95% confidence 2.306 2.262 2.228 99% confidence 3.355 3.250 3.169 Selecting the correct t-value, calculate the limits of the confidence interval. a. (9.99, 10.75)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 1GP
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An online retailer has identified the maximum willingness of 10 consumers to pay for the same product. The 10 prices are: $10.00, $11.50, $9.50, $10.20, $11.20, $10.50, $9.80, $10.10, $9.90, $11.00 The retailer seeks a 95% confidence interval for the mean price consumers are willing to pay. The sample mean is calculated as $10.37, and the sample standard deviation is $0.66. Also consider the following t-values: Degrees of freedom 8 a. (9.99, 10.75) 9 10 90% confidence 1.86 1.833 1.812 95% confidence 2.306 2.262 2.228 99% confidence 3.355 3.250 3.169 Selecting the correct t-value, calculate the limits of the confidence interval.
Transcribed Image Text:An online retailer has identified the maximum willingness of 10 consumers to pay for the same product. The 10 prices are: $10.00, $11.50, $9.50, $10.20, $11.20, $10.50, $9.80, $10.10, $9.90, $11.00 The retailer seeks a 95% confidence interval for the mean price consumers are willing to pay. The sample mean is calculated as $10.37, and the sample standard deviation is $0.66. Also consider the following t-values: Degrees of freedom 8 a. (9.99, 10.75) 9 10 90% confidence 1.86 1.833 1.812 95% confidence 2.306 2.262 2.228 99% confidence 3.355 3.250 3.169 Selecting the correct t-value, calculate the limits of the confidence interval.
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