Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A) A sample of 106 customers shows that 55% of them have a pet. Find the standard error for this result, expressed as a decimal

A) A sample of 106 customers shows that 55% of them have a pet. Find the standard error for this result, expressed as a decimal rounded to the nearest thousandth. The answer is 0.0483 but I want to know how you get that?

B) You would like an estimate for the mean amount of time a customer spends in your store. A pilot sample has mean 23.5 minutes and standard deviation 8.4 minutes. What sample size is required to have a result within 1.6 minutes of the true mean with a 99% level of confidence? Use 2.576 as the critical z value for 99% confidence. Round UP to the next whole number. The answer is 183 but I want to know how you get that?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

Discrete Mathematics, Edition

Authors: Seymour Lipschutz, Marc Lipson

4th Edition

126425881X, 9781264258819

More Books

Students also viewed these Mathematics questions

Question

2. What do the others in the network want to achieve?

Answered: 1 week ago

Question

1. What do I want to achieve?

Answered: 1 week ago