An online used car company sells second-hand cars. For 30 randomly selected transactions, themean price is 2800 dollars.Part a) Assuming a population standard deviationtransaction prices of 250 dollars, obtain a 99%confidence interval for the mean price of all transactions.Confidence interval: (|).Part b)Which of the following is the correct interpretation foryour answer in part (a)?A. We can be 99% confident that the mean price forthis sample of 30 transactions lies in the intervalB. If we repeat the study many times, 99% of thecalculated confidence intervals will contain the meanprice of all transactions.C. There is a 99% chance that the mean price of alltransactions lies in the intervalD. None of the above

Answered: Image /qna-images/answer/b3f79e87-3e5d-4bdd-ace1-44043d62fdf8.jpg

Answered: An online used car company sells…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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1. A company surveyed its employees to determine what the new daily meal allotment dollar amount should be. Of the 159 employees, 94 responded. Pat’s supervisor asked what the recommended dollar amount should be. Pat could take the mean of the 94 responses or calculate a confidence interval about the mean using those 94 responses. Which action of the two (don’t go outside these choices) would give the supervisor a better idea of what the true mean is, and why?
a) A sample of 3584 people spend a mean of $1512.53 and a standard deviation of $215.76. Use a 98% confidence level to construct the confidence interval for the population mean. answer: b) Can you say it is more than $1500? (explain your answer for credit
39. Create a 95% confidence interval for the data set below. 49 62 54 64 55 49 48 52 65 53 62 ( , ) [three decimal accuracy] [three decimal accuracy]
A consumer group reports that a 90% confidence interval for the mean fat content of chicken nuggets from a fast-food restaurant is (14, 18). What is the mean fat content for the sample of 30 chicken nuggets or the point estimate that help make this confidence interval? A. 32 B. 16 C. 2
4. on paper. random sample of 130 human body temperatures had a mean 98.25 degree and astandard deviation of 0.73 degree. Construct a 99% confidence interval for the average body temperature ofhealthy people.
4. A fire extinguisher salesman would like to estimate the mean number of home fires started by candles each year. He obtained fire data for seven randomly selected years from the National Fire Protection Agency. His sample produced a mean of 7041 fires with a standard deviation of 1600. Create the 90% confidence interval of interest.
5. A researcher constructed a 95% confidence interval for the true mean number of years students take to earn a bachelor's degree. His results were (4.319, 4.841). a. What is the point estimate for the average number of years to complete a bachelor's degree? b. Does his interval support or contradict the widely held belief that it takes 4 years to complete a bachelor's degree? Why or why not?
A. Find the sample meanB. Find the sample standard deviation C. Construct a 98% confidence interval for the population mean(please show what numbers you are putting into the formula for part b)
1
Suppose a sample of 9 customers spends an average of $200 with a standard deviation $20 what is a 95% confidence interval for the sample mean. Use the fact that 95% of sample means are within 2.306 standard errors of the sample mean.

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