Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The accompanying data represent the total travel tax (in dollars) for a 3-day business trip in 8 randomly selected cities. A normal probability plot
The accompanying data represent the total travel tax (in dollars) for a 3-day business trip in 8 randomly selected cities. A normal probability plot suggests the data could come from a population that is normally distributed. A boxplot indicates there are no outliers. Complete parts (a) through (c) below. 68.87 78.25 70.44 84.67 79.79 86.33 100.24 98.26 Click the icon to view the table of critical t-values. (a) Determine a point estimate for the population mean travel tax. A point estimate for the population mean travel tax is $83.36 (Round to two decimal places as needed.) (b) Construct and interpret a 95% confidence interval for the mean tax paid for a three-day business trip. Select the correct choice below and fill in the answer boxes to complete your choice. (Round to two decimal places as needed.) OA. The lower bound is $ OB. The lower bound is $ OC. The lower bound is $ D. The lower bound is $ and the upper bound is $ and the upper bound is $ and the upper bound is $ One can be % confident that all cities have a travel tax between these values. The travel tax is between these values for % of all cities. There is a % probability that the mean travel tax for all cities is between these values. and the upper bound is $. One can be [95% confident that the mean travel tax for all cities is between these values. (c) What would you recommend to a researcher who wants to increase the precision of the interval, but does not have access to additional data? OA. The researc could decrease the level of confidence. OB. The researcher could decrease the sample standard deviation. OC. The researcher could increase the level of confidence. O D. The researcher could increase the sample mean.
Step by Step Solution
★★★★★
3.56 Rating (149 Votes )
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