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In a random sample of ten cell phones, the mean full retail price was $554.00 and the standard deviation was $167.00. Assume the population is normally distributed and use the t-distribution to find the margin of error and construct a 95% confidence interval for the population mean u. Interpret the results.

In a random sample of ten cell phones, the mean full retail price was $554.00 and the standard deviation was $167.00. Assume the population is normally distributed and use the t-distribution to find the margin of error and construct a 95% confidence interval for the population mean u. Interpret the results.

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
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In a random sample of ten cell phones, the mean full retail price was $554.00 and the standard deviation was $167.00. Assume the population is normally distributed and use the t-distribution to find the margin of error and construct a 95% confidence interval for the population mean μ. Interpret the results. Identify the margin of error. [Box for input] (Round to one decimal place as needed.)
Transcribed Image Text:In a random sample of ten cell phones, the mean full retail price was $554.00 and the standard deviation was $167.00. Assume the population is normally distributed and use the t-distribution to find the margin of error and construct a 95% confidence interval for the population mean μ. Interpret the results. Identify the margin of error. [Box for input] (Round to one decimal place as needed.)
### Transcription and Explanation **Scenario Description:** In a study involving a random sample of 7 cell phones, the following statistics were observed: - Mean full retail price: $532.50 - Standard deviation: $192.00 Further research suggests that the population mean is $434.18. The task is to determine whether the t-value for the original sample falls between \(-t_{0.05}\) and \(t_{0.05}\). It is assumed that the population of full retail prices for cell phones is normally distributed. **Question:** Does the t-value of the sample fall between \(-t_{0.05}\) and \(t_{0.05}\)? Justify your answer by calculating the critical t-value at \(t_{0.05}\). There is an interactive dropdown menu providing options to select either "does" or "does not" based on the calculations. Additionally, there is a space to input the calculated value of \(t_{0.05}\) with instructions to round it to two decimal places. **Note:** There are no graphs or diagrams included. The primary focus is on statistical calculations and hypothesis testing.
Transcribed Image Text:### Transcription and Explanation **Scenario Description:** In a study involving a random sample of 7 cell phones, the following statistics were observed: - Mean full retail price: $532.50 - Standard deviation: $192.00 Further research suggests that the population mean is $434.18. The task is to determine whether the t-value for the original sample falls between \(-t_{0.05}\) and \(t_{0.05}\). It is assumed that the population of full retail prices for cell phones is normally distributed. **Question:** Does the t-value of the sample fall between \(-t_{0.05}\) and \(t_{0.05}\)? Justify your answer by calculating the critical t-value at \(t_{0.05}\). There is an interactive dropdown menu providing options to select either "does" or "does not" based on the calculations. Additionally, there is a space to input the calculated value of \(t_{0.05}\) with instructions to round it to two decimal places. **Note:** There are no graphs or diagrams included. The primary focus is on statistical calculations and hypothesis testing.
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