What is the best point estimate of the population mean, to two decimal places? Give your answer in the form xxx.xx Data can be copied and pasted into Excel to complete the calculations. Part B Now assume that the population standard deviation is known to be 170. To two decimal places, what is the standard error for the mean of the sample? Give your answer in the form xx.xx Part C Based on the given sample and the known standard deviation, calculate a 90% confidence interval for mean monthly expenditure on transport. What are the lower and upper limits of the confidence interval? Give your answers to one decimal place, in the form xxx.x Part D True or false: A 99% confidence interval based on the same sample would be narrower. To answer, type T or F in the space provided.
Part A
Market researchers want to estimate the
181
266
339
292
420
150
484
488
282
571
536
153
583
434
135
187
497
144
520
What is the best point estimate of the population mean, to two decimal places? Give your answer in the form xxx.xx
Data can be copied and pasted into Excel to complete the calculations.
Part B
Now assume that the population standard deviation is known to be 170. To two decimal places, what is the standard error for the mean of the sample? Give your answer in the form xx.xx
Part C
Based on the given sample and the known standard deviation, calculate a 90% confidence interval for mean monthly expenditure on transport. What are the lower and upper limits of the confidence interval? Give your answers to one decimal place, in the form xxx.x
Part D
True or false:
A 99% confidence interval based on the same sample would be narrower. To answer, type T or F in the space provided.
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