An online used car company sells second-hand cars. For 30 randomly selected transactions, the mean price is 2000 dollars.Part a) Assuming a population standard deviation transaction prices of 150 dollars, obtain a 99% confidence interval for the mean price ofall transactions. Please carry at least three decimal places in intermediate steps. Give your final answer to the nearest two decimal places,and use at least 3 decimal places in your critical value.Confidence interval: (1924.512075.49).Part b)Which of the following is the correct interpretation for your answer in part (a)?A. There is a 99% chance that the mean price of all transactions lies in the intervalB. If we repeat the study many times, 99% of the calculated confidence intervals will contain the mean price of all transactions.C. We can be 99% confident that the mean price for this sample of 30 transactions lies in the intervalD. None of the above

The confidence interval about the population mean, if you know the population standard deviation…

Answered: An online used car company sells…

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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(1 point) A random sample of 70 observations produced a mean of a 39.5 from a population with a normal distribution and a standard deviation o = 2.14. (a) Find a 95% confidence interval for u (b) Find a 99% confidence interval for (c) Find a 90% confidence interval for
Jose wants to advertise how many chocolate chips are in each Big Chip cookie at his bakery. He randomly selects a sample of 52 cookies and finds that the number of chocolate chips per cookie in the sample has a mean of 19.5. The population standard deviation is 2.5. What is the 90% confidence interval for the number of chocolate chips per cookie for Big Chip cookies? Assume the data is from a normally distributed population.Round answers to 3 decimal places where possible.
X. is found to be 19.1, and the A simple random sample of sizen is drawn from a population that is normally distributed. The sample mean, sample standard deviation, s, is found to be 4.9. (a) Construct a 96% confidence interval about u if the sample size, n, is 39. (b) Construct a 96% confidence interval about u if the sample size, n, is 68. How does increasing the sample size affect the margin of error, E? (c) Construct a 98% confidence interval about u if the sample size, n, is 39. How does increasing the level of confidence affect the size of the margin of error, E? (d) If the sample size is 14, what conditions must be satisfied to compute the confidence interval? (a) Construct a 96% confidence interval about u if the sample size, n, is 39. Lower bound: Upper bound: (Round to two decimal places as needed.) (b) Construct a 96% confidence interval about u if the sample size, n, is 68. Lower bound: ; Upper bound: (Round to two decimal places as needed.) How does increasing the sample…
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Construct a 95% confidence interval to estimate the population mean using the data below. x=38 s=11 n=39 With 95% confidence, when n=39 the population mean is between a lower limit of and an upper limit of (Round to two decimal places as needed.)
Suppose the 90% confidence interval for the mean SAT scores of applicants at a business college is given by [1,691, 1,838]. This confidence interval uses the sample mean and the sample standard deviation based on 25 observations. Use t value 1.711 in your calculations. [You may find it useful to reference the t table.] What are the sample mean and the sample standard deviation used when computing the interval? (Round final answers to 2 decimal places.) sample mean = 1,764.50 sample standard deviation=??? ANSWER IS NOT 358.95
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