Hoping to lure more shoppers downtown, a city builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees. For a two-month period (43 weekdays), daily fees collected averaged $1,260, with a standard deviation of $120. Complete parts a through d. (a) What assumptions must you make in order to use these statistics for inference? Select all that apply. A. The sample is a simple random sample from the relevant population. B. The distribution of sample weekday parking fees is nearly normal. C. The data from the sample are not extremely skewed. The sample size is larger than 10 times the squared skewness and 10 times the absolute value of the kurtosis. D. The sample of 43 weekdays is representative of all days. (b) Find a 99% confidence interval for the mean daily income this parking garage will generate, rounded appropriately for your message. The 99% confidence interval for the mean daily income is $ 1,213 to $ 1,307 (Round to the nearest dollar as needed.)
Hoping to lure more shoppers downtown, a city builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees. For a two-month period (43 weekdays), daily fees collected averaged $1,260, with a standard deviation of $120. Complete parts a through d. (a) What assumptions must you make in order to use these statistics for inference? Select all that apply. A. The sample is a simple random sample from the relevant population. B. The distribution of sample weekday parking fees is nearly normal. C. The data from the sample are not extremely skewed. The sample size is larger than 10 times the squared skewness and 10 times the absolute value of the kurtosis. D. The sample of 43 weekdays is representative of all days. (b) Find a 99% confidence interval for the mean daily income this parking garage will generate, rounded appropriately for your message. The 99% confidence interval for the mean daily income is $ 1,213 to $ 1,307 (Round to the nearest dollar as needed.)
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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Transcribed Image Text:Hoping to lure more shoppers downtown, a city builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees. For a two-month period (43 weekdays), daily fees collected averaged
$1,260, with a standard deviation of $120. Complete parts a through d.
(a) What assumptions must you make in order to use these statistics for inference? Select all that apply.
A. The sample is a simple random sample from the relevant population.
B. The distribution of sample weekday parking fees is nearly normal.
C. The data from the sample are not extremely skewed. The sample size is larger than 10 times the squared skewness and 10 times the absolute value of the kurtosis.
D. The sample of 43 weekdays is representative of all days.
(b) Find a 99% confidence interval for the mean daily income this parking garage will generate, rounded appropriately for your message.
The 99% confidence interval for the mean daily income is $1,213 to $ 1,307
(Round to the nearest dollar as needed.)
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