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 43 weekdays, daily fees collected averaged $128, with standard deviation of $13. Complete parts 1 through 5 below. 1) What assumptions must you make in order to use these statistics for inference? Select all that apply. A. The data are a random sample of all days. B. The sample size is at least 10% of the population. C. The data values should be dependent. D. The distribution is unimodal and symmetric with no outliers. 2) Find a 95% confidence interval for the mean daily income this parking garage will generate. The 95% confidence interval for the mean daily income is ($____,$____). 3) Explain in context what this confidence interval means. Choose the correct answer below. A. There is 95% confidence that the daily income for all weekdays falls in the interval. B. There is 95% confidence that the interval contains the mean daily income. C. There is 95%confidence that the mean daily income will always fall in the interval. D. There is 95% confidence that the daily income for a weekday falls in the interval. 4) Explain what 95% confidence means in this context. Choose the correct answer below. A. 95% of all weekdays have daily incomes that fall in the interval. B. 95% of all samples of size 43 produce intervals that contain the mean daily income. C. 95% of all weekdays sampled have daily incomes that fall in the interval. D. 95% of all samples of size 43 have a mean daily income that is in the interval. 5) The consultant who advised the city on this project predicted that parking revenues would average $135 per day. Based on your confidence interval, what do you think of the consultant's prediction? Why? Since the 95% confidence interval ▼(contains or does not contain)▼ the predicted average, the consultant's prediction is▼ (not plausible or plausible) ▼

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 43 weekdays, daily fees collected averaged $128, with standard deviation of $13. Complete parts 1 through 5 below. 1) What assumptions must you make in order to use these statistics for inference? Select all that apply. A. The data are a random sample of all days. B. The sample size is at least 10% of the population. C. The data values should be dependent. D. The distribution is unimodal and symmetric with no outliers. 2) Find a 95% confidence interval for the mean daily income this parking garage will generate. The 95% confidence interval for the mean daily income is ($,$). 3) Explain in context what this confidence interval means. Choose the correct answer below. A. There is 95% confidence that the daily income for all weekdays falls in the interval. B. There is 95% confidence that the interval contains the mean daily income. C. There is 95%confidence that the mean daily income will always fall in the interval. D. There is 95% confidence that the daily income for a weekday falls in the interval. 4) Explain what 95% confidence means in this context. Choose the correct answer below. A. 95% of all weekdays have daily incomes that fall in the interval. B. 95% of all samples of size 43 produce intervals that contain the mean daily income. C. 95% of all weekdays sampled have daily incomes that fall in the interval. D. 95% of all samples of size 43 have a mean daily income that is in the interval. 5) The consultant who advised the city on this project predicted that parking revenues would average $135 per day. Based on your confidence interval, what do you think of the consultant's prediction? Why? Since the 95% confidence interval ▼(contains or does not contain)▼ the predicted average, the consultant's prediction is▼ (not plausible or plausible) ▼

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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Question

1) What assumptions must you make in order to use these statistics for inference?

Select all that apply.

A. The data are a random sample of all days.

B. The sample size is at least 10% of the population.

C. The data values should be dependent.

D. The distribution is unimodal and symmetric with no outliers.

2) Find a 95% confidence interval for the mean daily income this parking garage will generate.

The 95% confidence interval for the mean daily income is ($____,$____).

3) Explain in context what this confidence interval means.

Choose the correct answer below.

A. There is 95% confidence that the daily income for all weekdays falls in the interval.

B. There is 95% confidence that the interval contains the mean daily income.

C. There is 95%confidence that the mean daily income will always fall in the interval.

D. There is 95% confidence that the daily income for a weekday falls in the interval.

4) Explain what 95% confidence means in this context.

Choose the correct answer below.

A. 95% of all weekdays have daily incomes that fall in the interval.

B. 95% of all samples of size 43 produce intervals that contain the mean daily income.

C. 95% of all weekdays sampled have daily incomes that fall in the interval.

D. 95% of all samples of size 43 have a mean daily income that is in the interval.

5) The consultant who advised the city on this project predicted that parking revenues would average

$135 per day. Based on your confidence interval, what do you think of the consultant's prediction? Why?

Since the 95% confidence interval ▼(contains or does not contain)▼ the predicted average, the consultant's prediction is▼ (not plausible or plausible) ▼

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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