Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

3.1 A random sample of 49 lunch customers was taken at a restaurant. The average amount of time the customers in the sample stayed

3.1 A random sample of 49 lunch customers was taken at a restaurant. The average amount of time the customers in the sample stayed in the restaurant was 45 minutes with a variance of 196 minutes. a) Construct a 90% confidence interval for the true average amount of time customers spent in the restaurant. Construct a 99% confidence interval for the true average amount of time customers spent in the restaurant. With a 0.95 probability, how large of a sample would have to be taken to provide a margin of error of 2.5 minutes or less? (5) b) (5) c) (4)

Step by Step Solution

3.38 Rating (142 Votes )

There are 3 Steps involved in it

Step: 1

Ans aPoint estimate of mean33 95 confidence in... blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

An Introduction to the Mathematics of financial Derivatives

Authors: Salih N. Neftci

2nd Edition

978-0125153928, 9780080478647, 125153929, 978-0123846822

More Books

Students explore these related Mathematics questions