In a random sample oftencell phones, the mean full retail price was$585.50and the standard deviation was$187.00.Assume the population is normally distributed and use the t-distribution to find the margin of error and construct a90%confidence interval for the population meanμ.Interpret the results.Identify the margin of error. nothing▼ square dollarsdollarscell phones(Round to one decimal place as needed.)Construct a90%confidence interval for the population mean. ,(Round to one decimal place as needed.)Interpret the results. Select the correct choice below and fill in the answer box to complete your choice.(Type an integer or a decimal. Do not round.) A.Withnothing%confidence, it can be said that most cell phones in the population have full retail prices (in dollars) that are between the interval's endpoints. B.It can be said thatnothing%of the population of cell phones have full retail prices (in dollars) that are between the interval's endpoints. C.Withnothing%confidence, it can be said that the population mean full retail price of cell phones (in dollars) is between the interval's endpoints. D.nothing%of all random samples oftenpeople from the population of cell phones will have a mean full retail price (in dollars) that is between the interval's endpoints.

From the given information, Sample size n=10 Sample mean = 585.5 Sample standard deviation = 187 Confidence level = 90% Degrees of freedom: 9 (=10-1) Using Excel formula “=T.INV.2T(0.1,9)”, the critical value for 90% confidence level is ±1.833. The standard error is: SE=s/sqrt(n) =187/sqrt(10) =59.1346 Margin of error: E=tα/2 SE =1.833 x 59.1346 =108.3937 Margin of error is $108.4 cell phones. Confidence interval: CI=x͞ ±E =585.5±108.4 =(477.1, 693.9) The 90% confidence interval for the population mean is (477.1, 693.9). Correct option is, C. With 90% confidence, it can be said that the population mean full retail price of cell phones (in dollars) is between the interval's endpoints.

Answered: In a random sample of ten cell phones,…

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

In a random sample of

ten

cell phones, the mean full retail price was

$585.50

and the standard deviation was

$187.00.

Assume the population is normally distributed and use the t-distribution to find the margin of error and construct a

90%

confidence interval for the population mean

μ.

Interpret the results.

Identify the margin of error.

nothing

▼

square dollars

dollars

cell phones

(Round to one decimal place as needed.)

Construct a

90%

confidence interval for the population mean.

(Round to one decimal place as needed.)

Interpret the results. Select the correct choice below and fill in the answer box to complete your choice.

(Type an integer or a decimal. Do not round.)

With

nothing%

confidence, it can be said that most cell phones in the population have full retail prices (in dollars) that are between the interval's endpoints.

It can be said that

nothing%

of the population of cell phones have full retail prices (in dollars) that are between the interval's endpoints.

With

nothing%

confidence, it can be said that the population mean full retail price of cell phones (in dollars) is between the interval's endpoints.

nothing%

of all random samples of

ten

people from the population of cell phones will have a mean full retail price (in dollars) that is between the interval's endpoints.

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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