Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A survey of 48 randomly selected iPhone owners showed that the purchase price has a mean of $419 with a sample standard deviation of $180.

A survey of 48 randomly selected "iPhone" owners showed that the purchase price has a mean of $419 with a sample standard deviation of $180.

 a. Compute the standard error of the sample mean. (Round the final answer to the nearest whole number.) 

Standard error = 26 Ok

b. Compute the 80% confidence interval for the mean. (Round the final answers to 2 decimal places.) 

The confidence interval is between $ _____ and $_______. 


c. How large a sample is needed to estimate the population mean within $14 at a 80% degree of confidence? (Round the final answer to the nearest whole number.) 

Sample size = 272 Ok

Step by Step Solution

3.39 Rating (143 Votes )

There are 3 Steps involved in it

Step: 1

a Standard error SE sn 18048 26 b Z critical at 80 co... 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

Statistical Techniques In Business And Economics

Authors: Douglas Lind, William Marchal, Samuel Wathen

18th Edition

1260239470, 978-1260239478

More Books

Students also viewed these Mathematics questions

Question

What is the relationship between CRM and market segmentation?

Answered: 1 week ago

Question

What does a person include in his/her application?

Answered: 1 week ago