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c) Find and interpret a 95% confidence interval. C2083.3,S2416.7) (Round to one decimal place as needed)

c) Find and interpret a 95% confidence interval. C2083.3,S2416.7) (Round to one decimal place as needed)

MATLAB: An Introduction with Applications
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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Need part C 

States that roly on sales tax for revenue to fund education, public safety, and other programs often end up with budget surpluses during economic growth periods (when people spend more on consumer goods) and budgot deficits during recessions (when people spond less on consumer goods). 13 small retailers in a state with a growing oconomy wore recently sampled. The sample showed a mean increase of $2250 in additional sales tax revenue collected per retailer compared to the previous quarter. The sample standard deviation is $425. Complete parts a through d below. a) What is the standard orror of the mean increaso in sales tax revenue collected? The standard orror isn $ 117.87. (Round to two decimal places as needed.) b) What happons to the accuracy of an estimate when an intorval is constructed using a smaller sample size? The standard error and width of the interval increases, which means that the accuracy of the interval decreases. c) Find and interpret a 95% confidenoe interval. ($2083.3 $ 2416.7) (Round to one decimal place as needed.)
Transcribed Image Text:States that roly on sales tax for revenue to fund education, public safety, and other programs often end up with budget surpluses during economic growth periods (when people spend more on consumer goods) and budgot deficits during recessions (when people spond less on consumer goods). 13 small retailers in a state with a growing oconomy wore recently sampled. The sample showed a mean increase of $2250 in additional sales tax revenue collected per retailer compared to the previous quarter. The sample standard deviation is $425. Complete parts a through d below. a) What is the standard orror of the mean increaso in sales tax revenue collected? The standard orror isn $ 117.87. (Round to two decimal places as needed.) b) What happons to the accuracy of an estimate when an intorval is constructed using a smaller sample size? The standard error and width of the interval increases, which means that the accuracy of the interval decreases. c) Find and interpret a 95% confidenoe interval. ($2083.3 $ 2416.7) (Round to one decimal place as needed.)
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