Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. statistics
  3. for the next 4 questions, please read the descript

For the next 4 questions, please read the description below. A marketing company wants to know the...

70.2K

Verified Solution

Question

Statistics

For the next 4 questions, please read the descriptionbelow.

A marketing company wants to know the mean price of newvehicles sold in an up-and‑coming area of town. Marketingstrategists takes a simple random sample of 756 cars, and find thatthe sample has a mean 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
4.5 Ratings (936 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

Advance Math
1.2K views

What info does the Linest array function give you with respect to the linear regression line?

Biology
1.2K views

Please assist me with this question regarding the case of \"Community Blood Center of the Carolinas:...

Biology
1.2K views

This part of the animal embryo will give rise to the outer covering of the...

Physics
1.2K views

The light beams of intensities in the ratio of 9 1 are allowed to interfere...

Geometry
1.2K views

8 perpendicular to the line y 2x 3

Statistics
1.2K views

A student organization uses the proceeds from a soft drink vending machine to finance its...

Calculus
1.2K views

Find the average value gave of the function g on the given interval.g(t) = 2/(1...

Algebra
1.2K views

A newly discovered isotope has a half life of 7 5 days Initially there are...

Accounting
1.2K views

HHi expert, just provide the correct answer. Will rate you asap. The historical cost...

Accounting
1.2K views

Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared...

Accounting
1.2K views

Problem 3C Corporation (Form 1120) On November 1, 2008, Janet Morton and Kim Wong formed...

Accounting
1.2K views

Raw material, work in process, & supplies Finished products Total inventories at FIFO Less LIFO...