Question
According to anewspaper, customers are not settling for automobiles straight off the production lines. A sample of 189 recent purchases of a particular car model
According to anewspaper, customers are not settling for automobiles straight off the production lines. A sample of 189 recent purchases of a particular car model yielded a sample mean of $5,023 above the$20,200 base sticker price. Suppose the cost of accessories purchased for all cars of this model has a standard deviation of $1,544.
a. Calculate a 95% confidence interval for the average cost of accessories on this model.
b. Determine the margin of error in estimating the average cost of accessories on this model.
c. What sample size would be required to reduce the margin of error by50%?
a. The 95% confidence interval for the average cost of accessories on the particular model is from $___ to $_____
b. The margin of error in estimating the average cost of accessories on the particular model is $
c. A sample size of____is required to reduce the margin of error by50%.
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