Question
(a)We often hear that the cost of looking after our ageing population is rising. Which, the consumer rights organisation reported that the average monthly cost
(a)We often hear that the cost of looking after our ageing population is rising. "Which", the consumer rights organisation reported that the average monthly cost of living in an assisted-living accommodation in the UK is now 3486 per month.
Assume this cost estimate is based on a sample of 120 facilities and, from past studies, it can be assumed that the population standard deviation is = 650. Develop a 90% confidence interval estimate of the mean monthly rent Develop a 95% confidence interval estimate of the mean monthly rent Develop a 99% confidence interval estimate of the mean monthly rent What happens to the width of the confidence interval as the confidence level is increased? Is it reasonable? Explain.
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