Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. statistics
  3. a marketing company wants to know the mean price o

A marketing company wants to know the mean price of new vehicles sold in an up-and‑coming...

60.1K

Verified Solution

Question

Statistics

A marketing company wants to know the mean price of new vehiclessold in an up-and‑coming area of town. Marketing strategists takesa simple random sample of 756 cars, and find that the sample has amean of $27,400 and a standard deviation of $1300.

1. Assume that the population standard deviation is unknown.What is the error of estimate for a 95% confidence interval?

2. Assume that the population standard deviation is known to be$1500. What is the upper bound for a 98% confidence interval?

3. Assume that the population standard deviation is known to be$1500. Find the error of estimate for a 99% confidenceinterval.

4. Assume that the population standard deviation is known. Ifthe marketing strategists want the 90% confidence interval to bewithin $50 of the population mean, how many cars at minimum shouldthey sample?

Answer & Explanation Solved by verified expert
3.9 Ratings (581 Votes)
ANSWER1QGiven thatPoint estimate sample mean 27400Population standard deviation 1300Sample size n 756At 95    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Calculus
1.2K views

Find r and a? for the geometric sequence with a?= 2 and a?= 1/16r= ____...

Statistics
1.2K views

The Westchester Chamber of Commerce periodically sponsors public service seminars and programs. Currently, promotional plans are under...

Biology
1.2K views

Gene therapy detailed information about the structure organization and function of the complete set of...

Physics
1.2K views

Column I a Ratio of change in time period of a simple pendulum with temperature...

Physics
1.2K views

A solid sphere of uniform density and mass M has radius 4 m Its centre...

Basic Math
1.2K views

A jar contains 5 pennies, 5 nickels and 6 dimes. A child selects 2 coins...

Calculus
1.2K views

For what numbers x 2 x 2 does cscx 1 Refer to the graph which...

Accounting
1.2K views

1-How do you apply the opinion of Prof. Nurkse in Niger on the supply side...

Accounting
1.2K views

What percentage of medical insurance payments can self-employed taxpayers deduct as a deduction for adjusted...

Accounting
1.2K views

4. a) As an analyst, explain why a careful reading of the Notes to Financial...

Accounting
1.2K views

Check my work The property, plant, and equipment section of the Jasper Company's December 31,...

Accounting
1.2K views

Apr.2. Swan Company sold merchandise on account to Bird Company, $17,300, terms FOB shipping point,...