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a. Find a 90% confidence interval for the mean cost of a dinner in Baku. The investor plans to run a larger survey. Assuming that the true (population) 25, what is the minimum sample size such that we are able to estimate the true mean within a 5 margin of error, 95% of the time? b. standard deviation is known to be o =

a. Find a 90% confidence interval for the mean cost of a dinner in Baku. The investor plans to run a larger survey. Assuming that the true (population) 25, what is the minimum sample size such that we are able to estimate the true mean within a 5 margin of error, 95% of the time? b. standard deviation is known to be o =

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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An investor is considering opening up a new restaurant in the city of Baku, but doesn't know what type of restaurant is in demand. A study is run to learn about the spending habits of people in Baku who go out for dinner. A random sample of 25 people were selected, and asked the cost of the last time they went out for dinner. The results from the survey had a sample mean of i = 65 manats and a sample standard deviation of s = 25 manats. Assume the amount of money spent is normally distributed. a. Find a 90% confidence interval for the mean cost of a dinner in Baku. b.The investor plans to run a larger survey. Assuming that the true (population) standard deviation is known to be o = 25, what is the minimum sample size such that we are able to estimate the true mean within a 5 margin of error, 95% of the time?
Transcribed Image Text:An investor is considering opening up a new restaurant in the city of Baku, but doesn't know what type of restaurant is in demand. A study is run to learn about the spending habits of people in Baku who go out for dinner. A random sample of 25 people were selected, and asked the cost of the last time they went out for dinner. The results from the survey had a sample mean of i = 65 manats and a sample standard deviation of s = 25 manats. Assume the amount of money spent is normally distributed. a. Find a 90% confidence interval for the mean cost of a dinner in Baku. b.The investor plans to run a larger survey. Assuming that the true (population) standard deviation is known to be o = 25, what is the minimum sample size such that we are able to estimate the true mean within a 5 margin of error, 95% of the time?
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