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 40,632.5 dollars with a standard deviation of 7917.6 dollars. A. What is the best point estimate, based on the sample, to use the population mean? (answer is in dollars.) 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 trefers to a t distribution.)
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 40,632.5 dollars with a standard deviation of 7917.6 dollars. A. What is the best point estimate, based on the sample, to use the population mean? (answer is in dollars.) 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 trefers to a t distribution.)
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
Related questions
Question
100%
You would like to construct a 99% confidence
A. What is the best point estimate, based on the sample, to use the population mean? (answer is in dollars.)
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill