Parking II Suppose that, for budget planning purposes,the city in Exercise 18 needs a better estimate of themean daily income from parking fees.a) Someone suggests that the city use its data to create a95% confidence interval instead of the 90% intervalfirst created. How would this interval be better for thecity? (You need not actually create the new interval.)b) How would the 95% interval be worse for the planners?c) How could they achieve an interval estimate thatwould better serve their planning needs?d) How many days’ worth of data should they collect tohave 95% confidence of estimating the true mean towithin $3?

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A:

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Q: part 4 5 6

A:

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.