You work for a consumer advocate agency and want to estimate the population mean cost of replacing a car's transmission. As part of your study, you randomly select 50 replacement costs and find the mean to be $2650. The standard deviation is $425. Construct an 80% and a 95% confidence interval for the population mean replacement cost. Compare the widths of the confidence interval, which is wider and why?

You work for a consumer advocate agency and want to estimate the population mean cost of replacing a car's transmission. As part of your study, you randomly select 50 replacement costs and find the mean to be $2650. The standard deviation is $425. Construct an 80% and a 95% confidence interval for the population mean replacement cost. Compare the widths of the confidence interval, which is wider and why?

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.7: Probability

Problem 58E: What is meant by the sample space of an experiment?

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