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Playbill magazine reported that the mean annual household income of its readers is $120,255. (Playbill, January...

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Basic Math

Playbill magazine reported that the mean annual household incomeof its readers is $120,255. (Playbill, January 2006). Assume thisestimate of the mean annual household income is based on a sampleof 80 households, and based on past studies, the populationstandard deviation is known to be σ = $33,225.

a. Develop a 90% confidence interval estimate of the populationmean.

b. Develop a 95% confidence interval estimate of the populationmean.

c. Develop a 99% confidence interval estimate of the populationmean.

d. Discuss what happens to the width of the confidence intervalas the confidence level is increase. Does this result seemreasonable? Explain.

Answer & Explanation Solved by verified expert
3.8 Ratings (616 Votes)
a90 confidence interval for is Z2 sqrtn Z2 sqrtn120255 1645 33225 sqrt80 120255    See Answer
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