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.
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.
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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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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