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You may need to use the appropriate appendix table or technology to answer this question. Studies show that massage therapy has a variety of health benefits and it is not too expensive. A sample of 14 typical one-hour massage therapy sessions showed an average charge of $58. The population standard deviation for a one-hour session is o = $5.5. (a) What assumptions about the population should we be willing to make if a margin of error is desired? We should be willing to make the assumption that the population is at least approximately uniform. We should be willing to make the assumption that the population is at least approximately normal. We should be willing to make the assumption that the population is at least approximately skewed right. We should be willing to make the assumption that the population is at least approximately bimodal. We should be willing to make the assumption that the population is at least approximately skewed left. (b) Using 95% confidence, what is the margin of error in dollars? (Round your answer to the nearest cent.) $ 3.40 (c) Using 99% confidence, what is the margin of error in dollars? (Round your answer to the nearest cent.)

You may need to use the appropriate appendix table or technology to answer this question. Studies show that massage therapy has a variety of health benefits and it is not too expensive. A sample of 14 typical one-hour massage therapy sessions showed an average charge of $58. The population standard deviation for a one-hour session is o = $5.5. (a) What assumptions about the population should we be willing to make if a margin of error is desired? We should be willing to make the assumption that the population is at least approximately uniform. We should be willing to make the assumption that the population is at least approximately normal. We should be willing to make the assumption that the population is at least approximately skewed right. We should be willing to make the assumption that the population is at least approximately bimodal. We should be willing to make the assumption that the population is at least approximately skewed left. (b) Using 95% confidence, what is the margin of error in dollars? (Round your answer to the nearest cent.) $ 3.40 (c) Using 99% confidence, what is the margin of error in dollars? (Round your answer to the nearest cent.)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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You may need to use the appropriate appendix table or technology to answer this question. Studies show that massage therapy has a variety of health benefits and it is not too expensive. A sample of 14 typical one-hour massage therapy sessions showed an average charge of $58. The population standard deviation for a one-hour session is a - $5.5. (a) What assumptions about the population should we be willing to make if a margin of error is desired? We should be willing to make the assumption that the population is at least approximately uniform. We should be willing to make the assumption that the population is at least approximately normal. We should be willing to make the assumption that the population is at least approximately skewed right. We should be willing to make the assumption that the population is at least approximately bimodal. We should be willing to make the assumption that the population is at least approximately skewed left. (b) Using 95% confidence, what is the margin of error in dollars? (Round your answer to the nearest cent.) $ 3.40 (c) Using 99% confidence, what is the margin of error in dollars? (Round your answer to the nearest cent.) $ 4.47
Transcribed Image Text:You may need to use the appropriate appendix table or technology to answer this question. Studies show that massage therapy has a variety of health benefits and it is not too expensive. A sample of 14 typical one-hour massage therapy sessions showed an average charge of $58. The population standard deviation for a one-hour session is a - $5.5. (a) What assumptions about the population should we be willing to make if a margin of error is desired? We should be willing to make the assumption that the population is at least approximately uniform. We should be willing to make the assumption that the population is at least approximately normal. We should be willing to make the assumption that the population is at least approximately skewed right. We should be willing to make the assumption that the population is at least approximately bimodal. We should be willing to make the assumption that the population is at least approximately skewed left. (b) Using 95% confidence, what is the margin of error in dollars? (Round your answer to the nearest cent.) $ 3.40 (c) Using 99% confidence, what is the margin of error in dollars? (Round your answer to the nearest cent.) $ 4.47
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