Question
In a survey of 53 randomly selected patrons of a shopping mall, the mean amount of currency carried is $42 with a standard deviation of
In a survey of 53 randomly selected patrons of a shopping mall, the mean amount of currency carried is $42 with a standard deviation of $78.
What is the 95% confidence interval for the mean amount of currency carried by mall patrons? Show your calculation of the standard error, lower value and upper value.
Develop a 95% prediction interval for the amount of currency carried by mall patrons.
- Explain the difference between a confidence interval and a prediction interval.
Step by Step Solution
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ANSWER The prediction interval predicts in what range a future individual observation will fall whil...
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Business Statistics In Practice
Authors: Bruce Bowerman, Richard O'Connell
6th Edition
0073401838, 978-0073401836
