Answered: As part of a survey, a marketing…

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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Question

As part of a survey, a marketing representative asks a random sample of 29 business owners how much they would be willing to pay for a website for their company. She finds that the sample standard deviation is $3482. Assume the sample is taken from a normally distributed population. Construct 90% confidence intervals for (a) the population variance σ2, and (b) the population standard deviation σ. Interpret the results.

(a) The confidence interval for the population variance is:

(b) The confidence interval for the population standard deviation is:

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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