Confidence Interval: Aisha wants to find a 99% confidence interval for the true mean difference in price between the items. a. What is the critical value? b. What is the standard error? c. What is the margin of error?

MATLAB: An Introduction with Applications
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how do i solve for parts A-E? GIVEN INFORMATION Sellers on eBay wonder if there exists a difference in selling price based on the type of photo shown on the auction page. Aisha takes a sample of 145 paired auctions--same item, with stock photos or non-stock photos-- and she finds that auctions with stock photos have an average selling of $3.78 more, with a standard deviation of $19.74.
Confidence Interval: Aisha wants to find a 99% confidence interval for the true mean difference in price
between the items.
a. What is the critical value?
b. What is the standard error?
c. What is the margin of error?
d. What is the interval?
<μ<
e. Based on that confidence interval, would it be reasonable to assume that there exists no difference in
price based on the nature of the photo?
No.
Yes.
Transcribed Image Text:Confidence Interval: Aisha wants to find a 99% confidence interval for the true mean difference in price between the items. a. What is the critical value? b. What is the standard error? c. What is the margin of error? d. What is the interval? <μ< e. Based on that confidence interval, would it be reasonable to assume that there exists no difference in price based on the nature of the photo? No. Yes.
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