A market researcher states that she has 90% confidence that the mean monthly sales of a product are between $190,000 and $220,000. Explain the meaning of this statement.
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- Fewer young people are driving. In 1995, 63.9% of people under 20 years old who were eligible had a driver's license. Bloomberg reported that percentage had dropped to 41.7% in 2016. Suppose these results are based on a random sample of 1,200 people under 20 years old who were eligible to have a driver's license in 1995 and again in 2016. a. At 95% confidence, what is the margin of error and the interval estimate of the number of eligible people under 20 years old who had a driver's license in 1995? Margin of error (to four decimal places) Interval estimate to (to four decimal places) b. At 95% confidence, what is the margin of error and the interval estimate of the number of eligible people under 20 years old who had a driver's license in 2016? Margin of error = (to four decimal places) Interval estimate = to (to four decimal places) c. Is the margin of error the same in parts (a) and (b)? - Select your answer v Why, or why not?1. The manager at Bell's Gym wants to know the proportion of members who use the Cardio Machines. A sample of 260 members showed that 40 of them use cardio machines. Calculate a 97% confidence interval for the proportion of members who use the cardio machines.You collected a sample from a population which you realized has very high standarddeviation. You want to estimate the population parameter from this sample. You thinkthat your interval will be very wide, what you can do to narrow it down without changingyour confidence level. Will your suggestion to improve the width of the interval increasethe probability of the true mean lying in that interval?
- 8.1.2 If X = 148, o = 27, and n = 30, construct a 99% confidence interval estimate of the population mean, u. (Round to two decimal places as needed.)Question: In a certain factory there are two independent processes manufacturing the same item. The average weight in a sample of 250 items produced from one process is found to be 120 ozs. with a standard deviation of 12 ozs. while the corresponding figures in a sample of 400 items from the other process are 124 and 14. Obtain the standard error of difference between the two sample means. Is this difference significant ? Also find the 99% confidence limits for the difference in the average weights of items produced by the two processes respectively.10. Student A in our class ECON 2210 tried to estimate the average marks of the midterm held in March, 2022. Based on a random sample of 30 students' marks and with a 95% confidence level, the student arrived at an interval estimate for the average marks of between 50 and 80. (a) After receiving this result, student B in the same class claimed that there was a 95% chance that the true average marks of the midterm were between 50 and 80. How would you respond to this statement? Is it correct? Why or why not? (b) Student C in the same class did not agree with student B and he claimed that there was a 95% chance that the true average marks of the next midterm were between 50 and 80. How would you respond to this statement? Is it correct? Why or why not?
- OA USA Today/CNN/Gallup survey of 365 working parents found 195 who said they spend too little time with their children because of work commitments. a. What is the polnt estimate of the proportion of the population of working parents who feel they spend too little time with their children because of work commitments? (to 4 decimals) b. At 95% confidence, what is the margin of error? (to 4 decimals) c. What is the 05% confidence interval estimate of the population proportion of working parents who feel they spend too little time with their children because of work commitments (to 4 decimals)?The level of significance O can be any value between -1.96 to 1.96 can be any positive value can be any value is (1 confidence level) -(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.
- 4.43 A firm wishes to estimate the mean number of operating hours of a particular type of lightbulb within 10 operating hours (plus or minus) and with 95% confidence. On the basis of previous knowledge with this type of lightbulb, the firm knows o = 30 h. How large a sample would the firm take? Ans. 3518 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.Pop. Mean Stand. Dev. Sample size 1 73.00 10.00 6.00 14 2 62.50 8 1.Independent random samples are selected from two populations. Below are selected summary statistics. (a) Construct the 95% confidence interval for μx-µY. (b) Obtain the P-value for the alternative µx =µY.