Suppose a random sample of 28 customers shows an average transaction amount of $45, with a standard deviation of $12. Find the lower bound of a 95% confidence interval for the population mean of transaction amount
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Suppose a random sample of 28 customers shows an average transaction amount of $45, with a standard deviation of $12. Find the lower bound of a 95% confidence interval for the population
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- A polling organization reported data from a survey of 2000 randomly selected Canadians who carry debit cards. Participants in this survey were asked what they considered the minimum purchase amount for which it would be acceptable to use a debit card. Suppose that the sample mean and standard deviation were $9.14 and $7.70, respectively. (These values are consistent with a histogram of the sample data that appears in the report.)Do these data provide convincing evidence that the mean minimum purchase amount for which Canadians consider the use of a debit card to be appropriate is less than $10? Carry out a hypothesis test with a significance level of 0.01. (Use a statistical computer package to calculate the P-value. Round your test statistic to two decimal places and your P-value to four decimal places.) t = P-value = State your conclusion. Reject H0. We do not have convincing evidence that the mean minimum purchase amount for which Canadians consider it…In a research study, conducted by the National Institute of Health, 25 individuals were sampled measuring their triglyceride levels. If the distribution of triglyceride levels for 25 to 55 year old females has a mean of 211 mg/dl and a standard deviation of 46 mg/dl, what is the probability that our sample mean will be above 240?Suppose that the quarterly sales levels among health care information systems companies are approximately normally distributed with a mean of 12 million dollars and a standard deviation of 1.3 million dollars. One health care information systems company considers a quarter a "failure" if its sales level that quarter is in the bottom 20% of all quarterly sales levels. Determine the sales level (in millions of dollars) that is the cutoff between quarters that are considered "failures" by that company and quarters that are not. Carry your intermediate computations to at least four decimal places. Round your answer to one decimal place. million dollars X S
- Suppose that a recent article stated the mean time spent in jail by a first-time convicted burglar is 2.7 years. A study was then done to see if the mean time has increased in the new century. A random sample of 27 first-time convicted burglars in a recent year was picked. The mean length of time in jail from the survey was 3.01 with a standard deviation of 1.78 years. Assume that the distribution of jail times is approximately normal. Test the claim at the level of significance 0.1. Select one: a) t_stat = 0.9 and t_cr = 1.31 : The mean time increased significantly in the new century b) t_stat = 0.9 and t_cr = 1.31 : The mean time didn’t increase in the new century c) t_stat = 0.99 and t_cr = 1.71 : The mean time didn’t increase in the new century d) t_stat = 0.99 and t_cr = 1.71 : The mean time increased significantly in the new centuryA study of 96 bolts of carpet showed that their average length was 77.5 yards. The standard deviation of the population is 1.6 yards. Which of the following is the 90% confidence interval for the mean length per bolt of carpet?A marketing researcher wants to estimate the mean amount spent per year ($) on a web site by membership member shoppers. Suppose a random sample of 100 membership member shoppers who recently made a purchase on the web site yielded a mean amount spent of $55 and a standard deviation of $52. Complete parts (a) and (b) below. a. Is there evidence that the population mean amount spent per year on the web site by membership member shoppers is different from $51? (Use a 0.01 level of significance.) State the null and alternative hypotheses. Ho: H (Type integers or decimals. Do not round. Do not include the $ symbol in your answer.) Identify the critical value(s). The critical value(s) is/are (Type an integer or a decimal. Round to two decimal places as needed. Use a comma to separate answers as needed.) Determine the test statistic. The test statistic, 1STAT, is (Type an integer or a decimal. Round to two decimal places as needed.) State the conclusion. Ho. There is evidence that the…
- Suppose that the quarterly sales levels among health care information systems companies are approximately normally distributed with a mean of 9 million dollars and a standard deviation of 1.4 million dollars. One health care information systems company considers a quarter a "failure" if its sales level that quarter is in the bottom 10% of all quarterly sales levels. Determine the sales level (in millions of dollars) that is the cutoff between quarters that are considered "failures" by that company and quarters that are not. Carry your intermediate computations to at least four decimal places. Round your answer to one decimal place.Find the 90% confidence interval for the variance and standard deviation of the ages of students at Arcanum high school if a sample of 24 students has a standard deviation of 2.3 years. Assume the variable is normally distributed.A random sample of 47 cars in the drive-thru of a popular fast food restaurant revealed an average bill of $17.51 per car. The population standard deviation is $6.05. Estimate the mean bill for all cars from the drive thru with 91% confidence.
- Suppose that the quarterly sales levels among health care information systems companies are approximately normally distributed with a mean of 8 million dollars and a standard deviation of 1.3 million dollars. One health care information systems company considers a quarter a "failure" if its sales level that quarter is in the bottom 10% of all quarterly sales levels. Determine the sales level (in millions of dollars) that is the cutoff between quarters that are considered "failures" by that company and quarters that are not. Carry your intermediate computations to at least four decimal places. Round your answer to one decimal place. 00 0 million dollars X S ? Check acer Q tab esc ! 1 9. a @ 2 W →> S #m 3 X e C d $ LAS 4 C r % 5 f t > < 6 g y & JX b 7 h C n K1300At the end of 2015, 2016, and 2017, the average prices of a share of stock in a portfolio were $34.83, $34.65, and $31.26 respectively. To investigate the average share price at the end of 2018, a random sample of 30 stocks was drawn and their closing prices on the last trading day of 2018 were observed with a mean of 33.583 and a standard deviation of 19.149. Estimate the average price of a share of stock in the portfolio at the end of 2018 with a 95% confidence interval. Compare and Briefly discussAccording to the Insurance Association in US, the average annual expenditure for automobile insurance is $605. Suppose that in a simple random sample of 80 residents of New York, for most recent year their average expenditure was $638.62 with the standard deviation of $106.05. Based on these data, examine whether the average annual insurance for motorists in New York might be different from that in national level. Using the 0.05 level of significance, what conclusion do you reach? Also, construct and interpret 95% confidence interval for the population mean. Is the hypothesized mean within the interval? Is this consistent with the findings of the hypothesis test conducted?
