You would like to construct a 99% confidence interval to estimate the population mean annual income for people over age 40 in your state. You choose a random sample of such incomes and compute the mean of the sample as 40,202 dollars with a standard deviation of 7423 dollars. (a) What is the best point estimate, based on the sample, to use for the population mean? dollars X 5 (b) For each of the following sampling scenarios, determine which distribution should be used to calculate the critical value for the 99% confidence interval for the population mean. (In the table, Z refers to a standard normal distribution, and t refers to a t distribution.)

MATLAB: An Introduction with Applications
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You would like to construct a 99% confidence interval to estimate the population mean annual income for people over age 40 in your state. You choose a
random sample of such incomes and compute the mean of the sample as 40,202 dollars with a standard deviation of 7423 dollars.
(a) What is the best point estimate, based on the sample, to use for the population mean?
dollars
Sampling scenario
(b) For each of the following sampling scenarios, determine which distribution should be used to calculate the critical value
for the 99% confidence interval for the population mean.
(In the table, Z refers to a standard normal distribution, and t refers to a t distribution.)
The sample has size 100, and it is from a non-normally distributed
population with a known standard deviation of 7503.
The sample has size 17, and it is from a normally distributed
nonulation with an unknown standard deviation.
2
1
X
O
Could use
either 2 or t
5
O
Undear
O
0
Transcribed Image Text:You would like to construct a 99% confidence interval to estimate the population mean annual income for people over age 40 in your state. You choose a random sample of such incomes and compute the mean of the sample as 40,202 dollars with a standard deviation of 7423 dollars. (a) What is the best point estimate, based on the sample, to use for the population mean? dollars Sampling scenario (b) For each of the following sampling scenarios, determine which distribution should be used to calculate the critical value for the 99% confidence interval for the population mean. (In the table, Z refers to a standard normal distribution, and t refers to a t distribution.) The sample has size 100, and it is from a non-normally distributed population with a known standard deviation of 7503. The sample has size 17, and it is from a normally distributed nonulation with an unknown standard deviation. 2 1 X O Could use either 2 or t 5 O Undear O 0
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