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population standard deviation. How large a sample would they need to take?

population standard deviation. How large a sample would they need to take?

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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A university system enrolling hundreds of thousands of students is considering a change in the way students pay for their education. Presently the students pay $55 per credit hour. The university system administrators are contemplating charging each student a set fee of S/50 per quarter, regardless of how many credit hours each takes. To see if this proposal would be economically feasible, the administrators would like to know how many credit hours, on the average, each student takes per quarter. A random sample of 250 students yields a mean of 14.1 credit hours per quarter and a standard deviation of 2.3 credit hours per quarter. Suppose the administration wanted to estimate the mean to within 0.1 hours at 95% reliability and assumed that the sample standard deviation provided a good estimate for the population standard deviation. How large a sample would they need to take? II.
Transcribed Image Text:A university system enrolling hundreds of thousands of students is considering a change in the way students pay for their education. Presently the students pay $55 per credit hour. The university system administrators are contemplating charging each student a set fee of S/50 per quarter, regardless of how many credit hours each takes. To see if this proposal would be economically feasible, the administrators would like to know how many credit hours, on the average, each student takes per quarter. A random sample of 250 students yields a mean of 14.1 credit hours per quarter and a standard deviation of 2.3 credit hours per quarter. Suppose the administration wanted to estimate the mean to within 0.1 hours at 95% reliability and assumed that the sample standard deviation provided a good estimate for the population standard deviation. How large a sample would they need to take? II.
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