During the 1960’s, liquor stores were either run by the state as a monopoly, or were privately owned. Independent samples of state-run and privately owned liquor stores yielded the following results, for price of Seagram’s 7 Crown Whiskey in dollars: State run Privately owned Sample Size 16 26 S. d. 0.344 0.264 Determine an 99% confidence interval for the ratio of the population s. d. of whiskey prices for state-run stores and privately owned stores.

During the 1960’s, liquor stores were either run by the state as a monopoly, or were privately owned. Independent samples of state-run and privately owned liquor stores yielded the following results, for price of Seagram’s 7 Crown Whiskey in dollars: State run Privately owned Sample Size 16 26 S. d. 0.344 0.264 Determine an 99% confidence interval for the ratio of the population s. d. of whiskey prices for state-run stores and privately owned stores.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter4: Equations Of Linear Functions

Section: Chapter Questions

Problem 8SGR

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Question

	State run	Privately owned
Sample Size	16	26
S. d.	0.344	0.264

Determine an 99% confidence interval for the ratio of the population s. d. of whiskey prices for state-run stores and privately owned stores.

Definition Definition Number of subjects or observations included in a study. A large sample size typically provides more reliable results and better representation of the population. As sample size and width of confidence interval are inversely related, if the sample size is increased, the width of the confidence interval decreases.

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