Homework Help is Here – Start Your Trial Now!
Math
Statistics
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 random sample of 44 weekdays, daily fees collected averaged $126, with a standard deviation of $15. Suppose that for budget planning purposes, the city needs a better èstimate of the mean daily income from parking fees. Complete parts (a) through (c). .. (a) Someone suggests that the city use its data to create a 95% confidence interval instead of the 90% interval the city first created. Would this increased interval be better for the city? (You need not actually create the interval.) OA. Yes. A 95% confidence level gives increased confidence that the mean parking revenue is contained with the interval. OB. Yes. A 95% confidence level means that more people were sampled so the interval is more accurate. OC. No. There is no significant difference between using the 90% confidence level and the 95% confident level. (b) Would the 95% confidence interval be worse for the planners? OA. Yes. The increased confidence level creates a wider interval and is, therefore, less precise. OB. Yes. A 95% confidence level creates a narrower interval and is, therefore, more precise and will cost the planners more money. OC. No. The increased confidence interval would not be worse for the planners. (c) How could they achieve a confidence interval estimate that would better serve their planning needs? OA. The city officials and planner could compromise and use a 92.5% confidence interval. OB. They could collect a larger sample which would create a more precise interval without sacrificing confidence. OC. They could include the weekend parking fees in the sample.

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 random sample of 44 weekdays, daily fees collected averaged $126, with a standard deviation of $15. Suppose that for budget planning purposes, the city needs a better èstimate of the mean daily income from parking fees. Complete parts (a) through (c). .. (a) Someone suggests that the city use its data to create a 95% confidence interval instead of the 90% interval the city first created. Would this increased interval be better for the city? (You need not actually create the interval.) OA. Yes. A 95% confidence level gives increased confidence that the mean parking revenue is contained with the interval. OB. Yes. A 95% confidence level means that more people were sampled so the interval is more accurate. OC. No. There is no significant difference between using the 90% confidence level and the 95% confident level. (b) Would the 95% confidence interval be worse for the planners? OA. Yes. The increased confidence level creates a wider interval and is, therefore, less precise. OB. Yes. A 95% confidence level creates a narrower interval and is, therefore, more precise and will cost the planners more money. OC. No. The increased confidence interval would not be worse for the planners. (c) How could they achieve a confidence interval estimate that would better serve their planning needs? OA. The city officials and planner could compromise and use a 92.5% confidence interval. OB. They could collect a larger sample which would create a more precise interval without sacrificing confidence. OC. They could include the weekend parking fees in the sample.

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
See similar textbooks
icon
Related questions
Question
수 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 random sample of 44 weekdays, daily fees collected averaged $126, with a standard deviation of $15. Suppose that for budget planning purposes, the city needs a better estimate of the mean daily income from parking fees. Complete parts (a) through (c). ... (a) Someone suggests that the city use its data to create a 95% confidence interval instead of the 90% interval the city first created. Would this increased interval be better for the city? (You need not actually create the interval.) OA. Yes. A 95% confidence level gives increased confidence that the mean parking revenue is contained with the interval. OB. Yes. A 95% confidence level means that more people were sampled so the interval is more accurate. C. No. There is no significant difference between using the 90% confidence level and the 95% confident level. (b) Would the 95% confidence interval be worse for the planners? A. Yes. The increased confidence level creates a wider interval and is, therefore, less precise. B. Yes. A 95% confidence level creates a narrower interval and is, therefore, more precise and will cost the planners more money. OC. No. The increased confidence interval would not be worse for the planners. (c) How could they achieve a confidence interval estimate that would better serve their planning needs? OA. The city officials and planner could compromise and use a 92.5% confidence interval. OB. They could collect a larger sample which would create a more precise interval without sacrificing confidence. OC. They could include the weekend parking fees in the sample.
Transcribed Image Text:수 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 random sample of 44 weekdays, daily fees collected averaged $126, with a standard deviation of $15. Suppose that for budget planning purposes, the city needs a better estimate of the mean daily income from parking fees. Complete parts (a) through (c). ... (a) Someone suggests that the city use its data to create a 95% confidence interval instead of the 90% interval the city first created. Would this increased interval be better for the city? (You need not actually create the interval.) OA. Yes. A 95% confidence level gives increased confidence that the mean parking revenue is contained with the interval. OB. Yes. A 95% confidence level means that more people were sampled so the interval is more accurate. C. No. There is no significant difference between using the 90% confidence level and the 95% confident level. (b) Would the 95% confidence interval be worse for the planners? A. Yes. The increased confidence level creates a wider interval and is, therefore, less precise. B. Yes. A 95% confidence level creates a narrower interval and is, therefore, more precise and will cost the planners more money. OC. No. The increased confidence interval would not be worse for the planners. (c) How could they achieve a confidence interval estimate that would better serve their planning needs? OA. The city officials and planner could compromise and use a 92.5% confidence interval. OB. They could collect a larger sample which would create a more precise interval without sacrificing confidence. OC. They could include the weekend parking fees in the sample.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS