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confidence coefficient to guarantee an increase in the width of the interval?

confidence coefficient to guarantee an increase in the width of the interval?

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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You want to buy a new car. One of the many points you consider is the resale value of the car after 4 years. You decide to estimate the resale value of this car with a 98% CI. You obtain data on 17 recently resold 4-year-old cars. The 17 cars were resold at an average price of $12,530 with a standard deviation of $700. The interval calculated is ($12.091.47 , $12.968.53). How could you alter the sample size and the confidence coefficient to guarantee an increase in the width of the interval? O A. Increase the sample size and increase the confidence coefficient. O B. Keep the sample size the same and increase the confidence coefficient. O C. Increase the sample size and decrease the confidence coefficient. O D. Decrease the sample size and increase the confidence coefficient.
Transcribed Image Text:You want to buy a new car. One of the many points you consider is the resale value of the car after 4 years. You decide to estimate the resale value of this car with a 98% CI. You obtain data on 17 recently resold 4-year-old cars. The 17 cars were resold at an average price of $12,530 with a standard deviation of $700. The interval calculated is ($12.091.47 , $12.968.53). How could you alter the sample size and the confidence coefficient to guarantee an increase in the width of the interval? O A. Increase the sample size and increase the confidence coefficient. O B. Keep the sample size the same and increase the confidence coefficient. O C. Increase the sample size and decrease the confidence coefficient. O D. Decrease the sample size and increase the confidence coefficient.
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