Q4) A sample survey of 30 discount brokers showed that the mean price charged for a trade of 100 shares at $50 per share was $40 and a sample standard deviation was $10. a) Using the sample data, what is the margin of error associated with a 99% confidence interval? b) Develop a 95% confidence interval for the mean price charged by discount brokers for a trade of 100 shares at $50 per share. c) Write a summary based on your findings of b).
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- What is meant by the sample space of an experiment?The National Association of Colleges (NAC) reported in 2003 that the mean starting salary for college graduates majoring in management information systems was $40,915 and for psychology major was $27,454. Suppose the NAC data are based on surveys of size 144 for each major, with a standard deviation of $10,000 for the management information systems majors and $7000 for the psychology majors. Construct and interpret a 95% confidence interval for the difference between two means. Write a conclusion sentence.A healthcare information company is interested in estimating the average charge for a standard patient visit to a chiropractor in Maryland, after applying the discount negotiated with a large HMO plan. Data is collected from 16 randomly selected chiropractic practices in Maryland, and the following are some summary statistics:- Mean charge: 25.50 USD- SD of charges: 2.10 USDAssuming the charge data is normally distributed for all chiropractic practices in Maryland, estimate a 95% confidence interval for the mean amount charged by Maryland chiropractors (t (15, 0.05) = 2.13):
- Suppose an economist wishes to estimate the mean commute time of workers in Westchester County. The economist obtains a random sample of 31 commutes in Westchester County and finds the sample mean to be 31.2 minutes and the sample standard deviation to be 12.1 minutes. Construct and interpret a 90% confidence interval for the mean commute time in Westchester County. Construct and interpret a 95% confidence interval for the mean commute time in Westchester County.A 90 percent confidence interval is to be created to estimate the proportion of television viewers in a certain areawho favor moving the broadcast of the late weeknight news to an hour earlier than it is currently. Initially, theconfidence interval will be created using a simple random sample of 9,000 viewers in the area. Assuming that thesample proportion does not change, what would be the relationship between the width of the original confidenceinterval and the width of a second 90 percent confidence interval that is created based on a sample of only 1,000viewers in the area?(A) The second confidence interval would be 9 times as wide as the original confidence interval.(B) The second confidence interval would be 3 times as wide as the original confidence interval.(C) The width of the second confidence interval would be equal to the width of the original confidence interval.(D) The second confidence interval would be 1/3 as wide as the original confidence interval.(E) The second…1) A Gallup poll of 1015 randomly selected adults found that 69% would oppose a law that limited the size of soft drinks and other sugary beverages served in restaurants. Calculate and interpret a 95% confidence interval for the proportion of all adults that would oppose a law limiting the size of soft drinks.
- Suppose an economist wishes to estimate the mean commute time of workers in Westchester County. The economist obtains a random sample of 31 commutes in Westchester County and finds the sample mean to be 31.2 minutes and the sample standard deviation to be 12.1 minutes. a. Construct and interpret a 90% confidence interval for the mean commute time in Westchester County. b. Construct and interpret a 95% confidence interval for the mean commute time in Westchester County.In a survey, 24 people were asked how much they spent on their child's last birthday gift. The results were roughly bell-shaped with a mean of $36 and standard deviation of $15. Construct a confidence interval at a 90% confidence level.In a study of academic procrastination, the authors of a paper reported that for a sample of 431 undergraduate students at a midsize public university preparing for a final exam in an introductory psychology course, the mean time spent studying for the exam was 7.54 hours and the standard deviation of study times was 3.90 hours. For purposes of this exercise, assume that it is reasonable to regard this sample as representative of students taking introductory psychology at this university. (a) Construct a 95% confidence interval to estimate ?, the mean time spent studying for the final exam for students taking introductory psychology at this university. (Round your answers to three decimal places.)( , )(b) The paper also gave the following sample statistics for the percentage of study time that occurred in the 24 hours prior to the exam. n = 431 x = 43.88 s = 21.66 Construct a 90% confidence interval for the mean percentage of study time that occurs in the 24 hours prior…
- The Greater Pittsburgh Area Chamber of Commerce wants to estimate the meantime workers who are employed in the downtown area spend getting to work. Asample of 15 workers reveals the following number of minutes spent traveling.29 38 38 33 38 21 45 3440 37 37 42 30 29 35a. Develop a 95 percent confidence interval for the population mean. Interpret theresult.A research report on a prospective study states that: “A comparison of the 90 normal patients with the 50 patients with hypotension shows that only 3.33% of the former group died as compared to 30% of the latter.” (a) Put these data into a 2x2 contingency table and calculate the sample risk difference, construct a 95% confidence interval and provide an interpretation. (b) Calculate sample relative risk, construct 95% confidence interval, and provide interpretation.To find the proportion of San Diegans subscribed to Disney+ in 2019, a researcher randomly selected 200 people from San Diego and found that 101 were subscribed. b) Find a 95% confidence interval estimate for the true proportion of San Diegans subscribed to Disney+. Round to four decimal places. c) Interpret the interval found in part b.