You work for a consumer advocate agency and want to estimate the population mean cost of replacing a car's transmission. As part of your study, you randomly select 50 replacement costs and find the mean to be $2650. The standard deviation is $425. Construct an 80% and a 95% confidence interval for the population mean replacement cost. Compare the widths of the confidence interval, which is wider and why?

MATLAB: An Introduction with Applications
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You work for a consumer advocate agency and want to estimate the population
mean cost of replacing a car's transmission. As part of your study, you randomly
select 50 replacement costs and find the mean to be $2650. The standard
deviation is $425. Construct an 80% and a 95% confidence interval for the
population mean replacement cost. Compare the widths of the confidence interval, which is wider and why?
Transcribed Image Text:You work for a consumer advocate agency and want to estimate the population mean cost of replacing a car's transmission. As part of your study, you randomly select 50 replacement costs and find the mean to be $2650. The standard deviation is $425. Construct an 80% and a 95% confidence interval for the population mean replacement cost. Compare the widths of the confidence interval, which is wider and why?
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Step 1

Givensample size(n)=50Mean(x)=2650standard deviation(s)=425

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