As part of a? survey, a marketing representative asks a random sample of 29 business owners...

60.1K

Verified Solution

Question

Statistics

As part of a? survey, a marketing representative asks a randomsample of 29 business owners how much they would be willing to payfor a website for their company. She finds that the sample standarddeviation is? $3419. Assume the sample is taken from a normallydistributed population. Construct 99?% confidence intervals for?(a) the population variance ?2 and? (b) the population standarddeviation ?. Interpret the results.

?(a) The confidence interval for the population variance is(___?,___?). ?(Round to the nearest integer as? needed.)

Interpret the results. Select the correct choice below and fillin the answer? box(es) to complete your choice. ?(Round to thenearest integer as? needed.)

A.With 99?% ?confidence, you can say that the populationvariance is between ___ and ___.

B.With 1?% ?confidence, you can say that the population varianceis greater than ___.

C.With 99?% ?confidence, you can say that the populationvariance is less than ___.

D.With 1?% ?confidence, you can say that the population varianceis between ___ and ___.

?(b) The confidence interval for the population standarddeviation is (___?,___?). (Round to the nearest integer as?needed.)

Interpret the results. Select the correct choice below and fillin the answer? box(es) to complete your choice. ?(Round to thenearest integer as? needed.)

A.With 1?% ?confidence, you can say that the population standarddeviation is less than ?$___.

B.With 99?% ?confidence, you can say that the populationstandard deviation is greater than ?$___.

C.With 1?% ?confidence, you can say that the population standarddeviation is between ?$___ and ?$___.

D.With 99?% ?confidence, you can say that the populationstandard deviation is between ?$___ and ?$___.

Answer & Explanation Solved by verified expert
4.5 Ratings (597 Votes)
    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