Statistics for Management and Economics (Book Only)
11th Edition
ISBN: 9781337296946
Author: Gerald Keller
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 10.2, Problem 14E
a:
To determine
Calculate the population mean with standard deviation 50.
b:
To determine
Calculate the population mean with 95% confidence interval.
c:
To determine
Calculate the population mean with 99% confidence interval.
d:
To determine
Impact on confidence interval.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
(Ch8) True or False? With a given sample, when we lower the confidence level, it will reduce the width of a confidence interval of the population proportion.
18
We can make a confidence interval more precise (narrower) by,
a
increasing the sample size.
b
reducing the confidence level.
c
increasing the confidence level.
d
both (a) and (b) are correct.
What are the Confidence Intervals for the Population Mean?
Chapter 10 Solutions
Statistics for Management and Economics (Book Only)
Ch. 10.1 - Prob. 1ECh. 10.1 - Prob. 2ECh. 10.1 - Prob. 3ECh. 10.1 - Prob. 4ECh. 10.1 - Prob. 5ECh. 10.1 - Prob. 6ECh. 10.1 - Prob. 7ECh. 10.1 - Prob. 8ECh. 10.2 - Prob. 13ECh. 10.2 - Prob. 14E
Ch. 10.2 - Prob. 15ECh. 10.2 - Prob. 16ECh. 10.2 - Prob. 17ECh. 10.2 - Prob. 18ECh. 10.2 - Prob. 19ECh. 10.2 - Prob. 20ECh. 10.2 - Prob. 21ECh. 10.2 - Prob. 22ECh. 10.2 - Prob. 23ECh. 10.2 - Prob. 24ECh. 10.2 - Prob. 25ECh. 10.2 - Prob. 26ECh. 10.2 - Prob. 27ECh. 10.2 - Prob. 28ECh. 10.2 - Prob. 29ECh. 10.2 - Prob. 30ECh. 10.2 - Prob. 31ECh. 10.2 - Prob. 32ECh. 10.2 - Prob. 33ECh. 10.2 - Prob. 34ECh. 10.2 - Prob. 35ECh. 10.2 - Prob. 36ECh. 10.2 - Prob. 37ECh. 10.2 - Prob. 38ECh. 10.2 - Prob. 39ECh. 10.2 - Prob. 40ECh. 10.2 - Prob. 41ECh. 10.2 - Prob. 42ECh. 10.2 - Prob. 43ECh. 10.2 - Prob. 44ECh. 10.2 - Prob. 45ECh. 10.2 - Prob. 46ECh. 10.3 - Prob. 47ECh. 10.3 - Prob. 48ECh. 10.3 - Prob. 49ECh. 10.3 - Prob. 50ECh. 10.3 - Prob. 51ECh. 10.3 - Prob. 52ECh. 10.3 - Prob. 53ECh. 10.3 - Prob. 54ECh. 10.3 - Prob. 55ECh. 10.3 - Prob. 56ECh. 10.3 - Prob. 57ECh. 10.3 - Prob. 58ECh. 10.3 - Prob. 59ECh. 10.3 - Prob. 60ECh. 10.3 - Prob. 61ECh. 10.3 - Prob. 62E
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Hello! I need help with the following stats questions. 1. What is a confidence interval? 2. What is a confidence coefficient? 3. What do statisticians mean by the term accuracy?arrow_forwardWith 95% confidence, calculate the margin of error to estimate the population mean with a simple random sample of 8 items in a sample standard deviation of 3.5.arrow_forwardIs it true or false that the least absolute deviations (LAD) estimator minimizes the sum of the absolute value of the population errors.arrow_forward
- a news paper ad for a manager trainee position contained the statement "our manager trainee have a first year earnings average of $30000 to $40000.Do you think that the ad is describing a confidence intervalarrow_forwardA sample of 81 observations is taken from a normal population with a standard deviation of 6.The sample mean is 41. Determine the 99% confidence interval for the population mean.arrow_forwardA simple random sample of 5 months of sales data provided the following information: Month: 1 2 3 4 5 Units Sold: 99 100 85 99 92 a. Develop a point estimate of the population mean number of units sold per month. b. Develop a point estimate of the population standard deviationarrow_forward
- You want to obtain a sample to estimate a population mean. Based on previous evidence, you believe the population standard deviation is approximately σ=65.4σ=65.4. You would like to be 99% confident that your estimate is within 2.5 of the true population mean. How large of a sample size is required?[Do not round mid-calculation. However, use a critical value rounded to three decimal places — this is important for the system to check answers correctly.]n =arrow_forward7 In interval estimation of a population parameter, increasing the sample size would a reduce the margin of sampling error, increasing the confidence level. b reduce the margin of sampling error, making the interval estimate more precise. c reduce the margin of sampling error, diminishing the error probability. d increase the margin of sampling error, making the interval estimate more precise.arrow_forwardIn 2015, the average duration of long-distance telephone calls from a certain town was 3.9 minutes. A telephone company wants to perform a test to determine whether this average duration of long- distance calls has changed. Fifty calls, originating from the town, was randomly selected and the following summary minutes. ∑ ? = 205 ∑(? − ?̅)2 = 56.43 Calculate the sample mean, ?̅. Calculate the sample standard deviation.arrow_forward
- Country Financial, a financial services company, uses surveys of adults age 18 and older to determine if personal financial fitness is changing over time (USA Today, April 4, 2012). In February 2012, a sample of 1000 adults showed 410 indicating that their financial security was more than fair. In February 2010, a sample of 900 adults showed 315 indicating that their financial security was more than fair. State the hypotheses that can be used to test for a significant difference between the population proportions for the two years. What is the sample proportion indicating that their financial security was more than fair in 2012? In 2010? Conduct the hypothesis test and compute the p-value. At a .05 level of significance, what is your conclusion? What is the 95% confidence interval estimate of the difference between the two population proportions?arrow_forward18. Car and Taxi Ages When the author visited Dublin, Ireland (home of Guinness Breweryemployee William Gosset, who first developed the t distribution), he recorded the ages of randomlyselected passenger cars and randomly selected taxis. The ages can be found from thelicense plates. (There is no end to the fun of traveling with the author.) The ages (in years) arelisted below. We might expect that taxis would be newer, so test the claim that the mean age ofcars is greater than the mean age of taxis.arrow_forwardPharmaceutical companies promote their prescription drugs using television advertising. In a survey of 90 randomly sampled television viewers, 9 indicated that they asked their physician about using a prescription drug they saw advertised on TV. Develop a 90% confidence interval for the proportion of viewers who discussed a drug seen on TV with their physician. (Round your answers to 3 decimal places.) Is it reasonable to conclude that 30% of the viewers discuss an advertised drug with their physician?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education