The Wall Street Journal reported that automobile crashes cost the United States $162 billion annually. The average cost per person for crashes in Bethlehem, PA was reported to be $1599. Suppose the average cost was based on a sample of 50 persons who had been involved in car crashes and that the population standard deviation is $600. Find the following: a. A point estimate of the (population) average cost per person of automobile crashes (as always, do not use neither the $ sign nor commas): b. The margin of error (using 99% confidence) for your point estimate: c. How large a sample would have to be taken to make the margin of error one-half the size that you calculated in part (b) above? Thank you.
The Wall Street Journal reported that automobile crashes cost the United States $162 billion annually. The average cost per person for crashes in Bethlehem, PA was reported to be $1599. Suppose the average cost was based on a sample of 50 persons who had been involved in car crashes and that the population standard deviation is $600. Find the following:
a. A point estimate of the (population) average cost per person of automobile crashes (as always, do not use neither the $ sign nor commas):
b. The margin of error (using 99% confidence) for your point estimate:
c. How large a sample would have to be taken to make the margin of error one-half the size that you calculated in part (b) above?
Thank you.
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