Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If you could please help me with the following questions. Thank you 11. BBRIEFSTAT5 8.1 .014. | PRACTICE ANOTHER What price do farmers get for
If you could please help me with the following questions. Thank you
11. BBRIEFSTAT5 8.1 .014. | PRACTICE ANOTHER What price do farmers get for their watermelon crops? In the third week of July, a random sample of 37 farming regions gave a sample mean of; = $6.88 per 100 pounds of watermelon. Assume that a is known to be $1.84 per 100 pounds. [-/7 Points] (a) Find a 90% confidence interval for the population mean price (per 100 pounds) that farmers in this region get for their watermelon crop. What is the margin of error? (Round your answers to two decimal places.) lower limit $ upper limit $ margin of error $ (b) Find the sample size necessary for a 90% confidence level with maximal error of estimate E = 0.27 for the mean price per 100 pounds of watermelon. (Round up to the nearest whole number.) farming regions (c) A farm brings 15 tons of watermelon to market. Find a 90% confidence interval for the population mean cash value of this crop. What is the margin of error? Hint: 1 ton is 2000 pounds. (Round your answers to two decimal places.) lower limit $ upper limit $ margin of error $ 12. [-l11 Points] BBRIEFSTAT58.1.016. I MYNOTES ll PRACTICEANOTHER I Consider college officials in admissions, registration, counseling, financial aid, campus ministry, food services, and so on. How much money do these people make each year? Suppose you read In your local newspaper that 46 officials In student services earned an average ofx = $50,340 each year. (a) Assume that a = $17,400 for sa aries of college officials in student services. Find a 90% confidence interval for the population mean salaries of such personnel. What is the margin of error? (Round your answers to the nearest whole number.) lower limit $ upper limit $ margin of error $ (b) Assume that a = $10,920 for sa arles of college officials In student services. Find a 90% confidence Interval for the population mean salaries of such personnel. What Is the margin of error? (Round your answers to the nearest whole number.) lower limit $ upper limit $ margin of error $ (c) Assume that a = $5,240 for salaries of college officials in student services. Find a 90% confidence inten/al for the population mean salaries of such personnel. What is the margin of error? (Round your answers to the nearest whole number.) lower limit $ upper limit $ margin of error $ (d) Compare the margins of error for parts (a) through (c). As the standard deviation decreases, does the margin of error decrease? 0 As the standard deviation decreases, the margin of error remains the same. 0 As the standard deviation decreases, the margin of error Increases. 0 As the standard deviation decreases, the margin of error decreases. (e) Compare the lengths of the confidence Inten/als for parts (a) through (c). As the standard deviation decreases, does the length of a 90% confidence interval decrease? 0 As the standard deviation decreases, the confidence interval increases in length. 0 As the standard deviation decreases, the confidence Interval decreases In length. 0 As the standard deviation decreases, the confidence Interval remains the same length. .[-l9 Points] I DETAILS I BBRIEFSTAT58.1.020. I MY NOTES II PRACTICEANOTHER Jobs and productivity! How do retail stores rate? One way to answer this question is to examine annual profits per employee. The following data give annual profits per employee (in units of one thousand dollars per employee) for companies in retail sales. Assume a z 3.5 thousand dollars. 4.5 6.0 3.9 8.6 8.2 5.3 8.0 5.9 2.6 2.9 8.1 1.9 11.9 8.2 6.4 4.7 5.5 4.8 3.0 4.3 6.0 1.5 2.9 4.8 1.7 9.4 5.5 5.8 4.7 6.2 15.0 4.1 3.7 5.1 4.2 (a) Use a calculator or appropriate computer software to find E for the preceding data. (Round your answer to two decimal places.) S thousand dollars per employee (b) Let us say that the preceding data are representative of the entire sector of retail sales companies. Find an 800/ confidence interval for p, the average annual profit per employee for retail sales. (Round your answers to two decimal places.) lower limit 3 thousand dollars upper limit 3 thousand dollars (c) Let us say that you are the manager of a retail store with a large number of employees. Suppose the annual profits are less than 3 thousand dollars per employee. Do you think this might be low compared with other retail stores? Explain by referring to the confidence interval you computed in part (b). 0 Yes. This confidence interval suggests that the profits per employee are less than those of other retail stores. 0 No. This confidence interval suggests that the profits per employee do not differ from those of other retail stores. (d) Suppose the annual profits are more than 6.5 thousand dollars per employee. As store manager, would you feel somewhat better? Explain by referring to the confidence interval you computed in part (b). 0 Yes. This confidence interval suggests that the profits per employee are greater than those of other retail stores. 0 No. This confidence interval suggests that the profits per employee do not differ from those of other retail stores. (e) Find an 95% confidence interval for p, the average annual profit per employee for retail sales. (Round your answers to two decimal places.) lower limit 3 thousand dollars upper limit 3 thousand dollars Let us say that you are the manager of a retail store with a large number of employees. Suppose the annual profits are less than 3 thousand dollars per employee. Do you think this might be low compared with other retail stores? Explain by referring to the confidence interval you computed in part (b). 0 Yes. This confidence interval suggests that the profits per employee are less than those of other retail stores. 0 No. This confidence interval suggests that the profits per employee do not differ from those of other retail stores. Suppose the annual profits are more than 6.5 thousand dollars per employee. As store manager, would you feel somewhat better? Explain by referring to the confidence interval you computed in part (b). 0 Yes. This confidence interval suggests that the profits per employee are greater than those of other retail stores. 0 No. This confidence interval suggests that the profits per employee do not differ from those of other retail storesStep 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