Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The manager of a newly opened gift boutique wants to estimate the average expenditure of his customers using a confidence interval. He estimates that the

The manager of a newly opened gift boutique wants to estimate the average expenditure of his customers using a confidence interval. He estimates that the population standard deviation is approximately $32.50.

PLEASE SEE THE IMAGE ATTACHED

image text in transcribed
The manager of a newly opened gift boutique wants to estimate the average expenditure of his customers using a confidence interval. He estimates that the population standard deviation is approximately $32.50. (a) For a 99% confidence level, find the appropriate sample size necessary to achieve a margin of error of 6.50. 2 Round your answer (n) UP to the next whole number. The required sample size n is I:] (b) For a 90% confidence level, find the appropriate sample size necessary to achieve a margin of error of 6.50. 2 Round your answer (n) UP to the next whole number. The required sample size n is [: (c) Compare parts (a) and (b). Select the correct statement. C If the confidence level decreases, then the required sample size increases. C If the confidence level decreases, then the required sample size also decreases. C If the confidence level decreases, then the required sample size does not change. (d) Suppose that the confidence level remains invariant. How should we change the sample size to achieve the larger confidence interval? C Increase the sample size. C Decrease the sample size. C Do nothing as the length of the confidence interval does not depend on the sample size

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Ordinary Differential Equations

Authors: William A Adkins, Mark G Davidson

1st Edition

1461436184, 9781461436188

More Books

Students also viewed these Mathematics questions

Question

At which conferences do students regularly present?

Answered: 1 week ago