nnual starting salaries for college graduates with degrees in business administration ntunen $30.000 and $50.000 Assume that a 95% confidence interval estimate of
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- A magazine conducts an annual survey in which readers rate their favorite cruise ship. All ships are rated on a 100-point scale, with higher values indicating better service. A sample of 33 ships that carry fewer than 500 passengers resulted in an average rating of 85.59, and a sample of 44 ships that carry 500 or more passengers provided an average rating of 81.40. Assume that the population standard deviation is 4.55 for ships that carry fewer than 500 passengers and 3.97 for ships that carry 500 or more passengers. A) What is the point estimate of the difference between the population mean rating for ships that carry fewer than 500 passengers and the population mean rating for ships that carry 500 or more passengers? (Use smaller cruise ships − larger cruise ships.) (b) At 95% confidence, what is the margin of error? (Round your answer to two decimal places.) (c) What is a 95% confidence interval estimate of the difference between the population mean ratings for the two sizes of…If the level of confidence is lowered from 95% to 90 % , but the allowable error and the standard deviation remain the same, what happens to the required sample size?A manufacturer of cell phone batteries wants to estimate the useful life of it'sthe battery (in thousand of hours.) The estimate is the be within 0.10 (100) hours.Assume a 95 percent level of confidence and that the standard deviation of theuseful life of the battery is 0.90 (900 hours). Determine the required sample size.
- The average cost of tuition plus room and board for a small private liberal arts college is reported to be $8500 per term but I financial administrator boys that the average cost is half a study conducted using 350 small liberal arts colleges showed that the average cost per term is $8745 the population standard deviation is $1200 let a =0.05.what is the p-value for this testA sample of 21 minivan electrical warranty repairs for “loose, not attached” wires (one of several electrical failure categories the dealership mechanic can select) showed a mean repair cost of $45.66 with a standard deviation of $27.79. (a) Construct a 95 percent confidence interval for the true mean repair cost. (b) How could the confidence interval be made narrower? (Data are from a project by MBA student Tim Polulak.)7. It is well known that car buyers often add accessories to their new cars. A sample of 179 Ottawa purchasers yielded a sample mean of $5000 worth of accessories added to the purchase above the base sticker price. Suppose the cost of accessories purchased for all Ottawa has a standard deviation of $1500. (a) Calculate a 95% confidence interval for the average cost of accessories on Ottawa. - Section Break - (b) Determine the margin of error in estimating the average cost of accessories on Ottawa. (c) What sample size would be required to reduce the margin of error by 50%?
- A population has a mean of 85.6, and a standard deviation of 9. Assume that a sampling distribution of sample means has been constructed, based on repeated samples of n = 225 from this population. What would be the value of the standard error of the mean? (round your answer to the neares tenth, if necessary).sssss A consumer affairs investigator records the repair cost for 4 randomly selected TVs. A sample mean of $75.89 and standard deviation of $13.53 are subsequently computed. Determine the 80% confidence interval for the mean repair cost for the TVs. Assume the population is approximately normal. Step 1 of 2: Find the critical value that should be used in constructing the confidence interval. Round your answer to three decimal places.You may need to use the appropriate appendix table or technology to answer this question. Studies show that massage therapy has a variety of health benefits and it is not too expensive. A sample of 14 typical one-hour massage therapy sessions showed an average charge of $58. The population standard deviation for a one-hour session is a - $5.5. (a) What assumptions about the population should we be willing to make if a margin of error is desired? We should be willing to make the assumption that the population is at least approximately uniform. We should be willing to make the assumption that the population is at least approximately normal. We should be willing to make the assumption that the population is at least approximately skewed right. We should be willing to make the assumption that the population is at least approximately bimodal. We should be willing to make the assumption that the population is at least approximately skewed left. (b) Using 95% confidence, what is the margin of…
- The average price of 350 cellphones is Php 20,000 with a sample standard deviation of Php 2500. Find the 99% confidence interval of the true average price of the cellphones.High-power experimental engines are being developed by the Stevens Motor Company for use in its new sports coupe. The engineers have calculated the maximum horsepower for the engine to be 600HP600HP. Nine engines are randomly selected for horsepower testing. The sample has an average maximum HP of 610610 with a standard deviation of 50HP50HP. Assume the population is normally distributed. Step 1 of 2 : Calculate a confidence interval for the average maximum HP for the experimental engine. Use a significance level of α=0.05�=0.05. Round your answers to two decimal places.The distribution of annual profit at a chain of stores was approximately normal with mean u = $66,000 and - standard deviation o = $21,000. The executives conducted an audit of the stores with the lowest 20% of profits. What is closest to the maximum annual profit at a store where the executives conducted an audit? Round to the nearest thousand dollar.