Question
Among all the 200 transactions carried out in the last month, the owner of the Crmerie du Nord randomly selected 20 invoices. The mean of
Among all the 200 transactions carried out in the last month, the owner of the Crmerie du Nord randomly selected 20 invoices. The mean of these 20 bills is $8.72 and the standard deviation is $2.13.
Question 11 What is the point estimate of the population mean?
Question 12 The owner claims that regardless of the sample (of 20 invoices) he takes, in 95% of cases, he will obtain an average between $7.72 and $9.72. Is he right? Explain.
Question 13 Determine the confidence interval for the population mean with an 80% confidence level.
Question 14 If the sample taken had been 40 invoices, would your answers have been different? Explain.
Question 15 Assuming the sample size and standard deviation remain the same (n=20 and standard deviation=2.13), what would have been the statistical margin of error for a confidence level of 90 %?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started