Question 5 A consumer agency that proposes that lawyers' rates are too high wanted to estimate the mean hourly rate for all lawyers in New York City. A sample of 70 lawyers taken from New York City showed that the mean hourly rate charged by them is $420. The population standard deviation of hourly charges for all lawyer in New York City is $110. (a) What is point estimate of the corresponding population? (b) Make a 90% confidence interval for the mean hourly charges for all lawyers in New York City, explain your result and what the margin of error of estimate for u is. (c) Construct 98% confidence interval for the mean hourly charges for all lawyers in New York City, explain your result and what is the margin of error of estimate for p.

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Question 5
A consumer agency that proposes that lawyers' rates are too high wanted to estimate the
mean hourly rate for all lawyers in New York City. A sample of 70 lawyers taken from New
York City showed that the mean hourly rate charged by them is $420. The population standard
deviation of hourly charges for all lawyer in New York City is $110.
(a) What is point estimate of the corresponding population?
(b) Make a 90% confidence interval for the mean hourly charges for all lawyers in New
York City, explain your result and what the margin of error of estimate for u is.
(c) Construct 98% confidence interval for the mean hourly charges for all lawyers in New
York City, explain your result and what is the margin of error of estimate for p.
Transcribed Image Text:Question 5 A consumer agency that proposes that lawyers' rates are too high wanted to estimate the mean hourly rate for all lawyers in New York City. A sample of 70 lawyers taken from New York City showed that the mean hourly rate charged by them is $420. The population standard deviation of hourly charges for all lawyer in New York City is $110. (a) What is point estimate of the corresponding population? (b) Make a 90% confidence interval for the mean hourly charges for all lawyers in New York City, explain your result and what the margin of error of estimate for u is. (c) Construct 98% confidence interval for the mean hourly charges for all lawyers in New York City, explain your result and what is the margin of error of estimate for p.
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