Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $20,000 and $50,000. Assume thata 95% confidence interval estimate of the population mean annual starting salary is desired.a. What is the planning value for the population standard deviation?b. How large a sample should be taken if the desired margin of error is $400? Round your answers to next whole number.$190?$80?c. Would you recommend trying to obtain the $80 margin of error? Explain.Select your answer -Yes, it always better to be more accurate.No, the sample size would probably be too time consuming and costly.

Given See the handwritten solution

Answered: Annual starting salaries for college…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

Use the range rule of thumb to identify the values that are significantly low, the values that are signficantly high, and the values that are neither significantly low nor significantly high. A test is used to assess readiness for college. In a recent year, the mean test score was 22.5 and the standard deviation was 5.3. Identify the test scores that are significantly low or significantly high. Question content area bottom Part 1 What test scores are significantly low? Select the correct answer below and fill in the answer box(es) to complete your choice. A. Test scores that are between enter your response here and enter your response here. (Round to one decimal place as needed. Use ascending order.) B. Test scores that are greater than enter your response here. (Round to one decimal place as needed.) C. Test scores that are less than enter your response here. (Round to one decimal place as needed.)
Need some Help!
You are given the sample mean and the population standard deviation. Use this information to construct the 90% and 95% confidence intervals for the population mean. Interpret the results and compare the widths of the confidence intervals. If convenient, use technology to construct the confidence intervals. A random sample of 35 home theater systems has a mean price of $116.00. Assume the population standard deviation is $19.50. Question content area bottom Part 1 Construct a 90% confidence interval for the population mean. The 90% confidence interval is (enter your response here,enter your response here). (Round to two decimal places as needed.) Part 2 Construct a 95% confidence interval for the population mean. The 95% confidence interval is (enter your response here,enter your response here). (Round to two decimal places as needed.) Part 3 Interpret the results. Choose the correct answer below. A. With 90% confidence, it can be said…
Lunch break: In a recent survey of 654 working Americans ages 25 - 34 , the average weekly amount spent on lunch as $44.36 with standard deviation $2.74 . The weekly amounts are approximately bell-shaped. Part: 0 / 3 0 of 3 Parts Complete Part 1 of 3 (a) Estimate the percentage of amounts that were between $44.36 and $49.84 . Round the answer to one decimal place.
Help please
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $40,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. a. What is the planning value for the population standard deviation? b. How large a sample should be taken if the desired margin of error is $500? Round your answers to next whole number. $210? $100?
Textbook example
You work for a soft-drink company in the quality control division. You are interested in the standard deviation of one of your production lines as a measure of consistency. The product is intended to have a mean of 12 ounces, and your team would like the standard deviation to be as low as possible. You gather a random sample of 15 containers. Estimate the population standard deviation at a 80% level of confidence. 11.86 12.12 12.2 12.08 12.06 12.09 11.92 12.26 12.04 12.1 11.85 11.97 11.85 12 12.01 (Data checksum: 180.41) Keep as many decimals as possible while making these calculations. a) Find the sample standard deviation: b) Find the lower and upper χ2χ2 critical values at 80% confidence:Lower: Upper: c) Report your confidence interval for σσ:
You want to obtain a sample to estimate a population mean. Based on previous evidence, you believe the population standard deviation is approximately o = 47.6. You would like to be 98% confident that your estimate is within 1.5 of the true population mean. How large of a sample size is required? Round up to nearest whole number. n = Question Help: Video Written Example Message instructor Submit Question Jump to Answer LockDown Browser P Type here to search
70 students are asked in a survey how many hours they work during a week. Their responses have a mean of 17 hours and a standard deviation of 2 hours. Find the margin of error for a 80% confidence interval. Round your answer to two decimal places. hours
You work for a soft-drink company in the quality control division. You are interested in the standard deviation of one of your production lines as a measure of consistency. The product is intended to have a mean of 12 ounces, and your team would like the standard deviation to be as low as possible. You gather a random sample of 18 containers. Estimate the population standard deviation at a 80% level of confidence. 12.08 12 12.1 11.98 12.1 12.09 11.91 12.01 11.95 12.12 12 12.1 11.97 11.95 12.07 12.1 11.96 12.02 Note: Keep as many decimals as possible while making these calculations. If possible, keep all answers exact by storing answers as variables on your calculator or computer. a) Find the sample standard deviation: b) Find the lower and upper χ2 critical values at 80% confidence:Lower: Upper: c) Report your confidence interval for σ: ( , )

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS