25. Parking, part 2. Suppose that for budget planning purposes the city in Exercise 23 needs a...
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25. Parking, part 2. Suppose that for budget planning purposes the city in Exercise 23 needs a better estimate of the mean daily income from parking fees.
a) Someone suggests that the city use its data to create a 95% confidence interval instead of the 90% interval first created. How would this interval be better for the city?
(You need not actually create the new interval.)
b) How would the 95% confidence interval be worse for the planners?
c) How could they achieve a confidence interval estimate that would better serve their planning needs?
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Related Book For
Business Statistics
ISBN: 9780321716095
2nd Edition
Authors: Norean D. Sharpe, Paul F. Velleman, David Bock, Norean Radke Sharpe
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