Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello Sir/Mam I am am new to statistics and probability. please help me figure out if I even understand this question I am very losttt...

Hello Sir/Mam I am am new to statistics and probability. please help me figure out if I even understand this question I am very losttt...

Pleaseeee and thank youuu

1

A student who is studying journalism has been curious about the average rates paid to a person who is working as a freelancers by online magazines. She goes ahead to learn more when takes a random sample of 71 online web publications and computes together a mean rate per word of 9 cents, with a sample standard deviation of 3 cents. The student now wants to use this sample information to now find a 90% confidence interval for the average pay rate per word.

Round all final answers to 3 decimal places.

a. What is the critical t-value that will need to be used to calculate the confidence interval? ___________

b. What is the 90% confidence interval? ______

2.

A butcher shop manager has been wanting to know about how much on an average customers spend per visit that they make. From previous researchs done it suggests that the population standard deviation is $10.48. And the manager has found a mean value of the amount $71.00 for a random sample of the 40 customers, So now wants to construct a 95% confidence interval for the mean value.

Round your answers to 3 decimal places where appropriate.

(a) What is the critical z-value that will need to be used to calculate the confidence interval?

___________________

(b) What is the 95% confidence interval?

___________________

(c) If the manager wants a margin of error within $1, how large of a sample size will they need?

________________________

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Statistics For Business And Economics

Authors: James T. McClave, P. George Benson, Terry T Sincich

12th Edition

032182623X, 978-0134189888, 134189884, 978-0321826237

Students also viewed these Mathematics questions

Question

Contact person at the organization

Answered: 1 week ago

Question

Explain the various methods of job evaluation

Answered: 1 week ago

Question

Differentiate Personnel Management and Human Resource Management

Answered: 1 week ago

Question

Describe the functions of Human resource management

Answered: 1 week ago

Question

What are the objectives of Human resource planning ?

Answered: 1 week ago