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 $2650.00. From the census bureau, you found out that the population standard deviation is $425.00. 1. Find the best point estimate of the population mean $ (Round answer to two decimal places) 2. Find the margin of error for the 90% confidence level. $ (Round answer to two decimal places) 3. Find the 90% confidence interval for the population mean. ((Round answer to two decimal places) $ < µ < $
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 $2650.00. From the census bureau, you found out that the population standard deviation is $425.00.
1. Find the best point estimate of the population mean $ (Round answer to two decimal places)
2. Find the margin of error for the 90% confidence level. $ (Round answer to two decimal places)
3. Find the 90% confidence interval for the population mean. ((Round answer to two decimal places)
$ < µ < $
4. What sample size is needed, at the 90% confidence level, to ensure an error of no more than $50?
n = (must be a whole number, as discussed in lessons)
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