Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This is an statistic question about interval estimation. Thank you so much! 1. Interval estimation of the population variance Aa Aa An investigation conducted by

This is an statistic question about interval estimation. Thank you so much!

image text in transcribedimage text in transcribed
1. Interval estimation of the population variance Aa Aa An investigation conducted by a reporter from The New York Times revealed an inverse relationship between prices and temperature in Manhattan retail stores during the summer: High-end retailers tend to set the air conditioning at a colder temperature than low-end stores. The data set collected by the reporter is displayed below, with stores arranged in ascending order based on their temperature measurements. Note that the Designer and Better price point categories describe the high-end stores, while Discount and Popular describe the low-end stores. Temperature Retail Store Price Point Category (Degrees Fahrenheit) Bergdorf Goodman Designer 68.3 Hermes Designer 68.6 Tiffany & Co. Designer 70.3 Bloomingdale's Designer 70.8 Macy's Better 73.1 Club Monaco Better 74.0 National Wholesale Liquidators Discount 76.6 Levi's Popular 76.8 Old Navy Popular 80.3 [Source: From Allen Salkin, "Shivering for Luxury," New York Times, June 26, 2005. Adapted from an informal survey by permission of the New York Times. ] The sample variance for the temperature measurements is s2 = 16.865.Assume that summer temperatures inside Manhattan retail stores are normally distributed and that the reporter's sample is a random sample. Use the tool above to develop a 99% confidence interval for the population variance. The 99% confidence interval for the population variance of is 5 0- s The 99% confidence interval for the population standard deviation o is SOS

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

Advanced Engineering Mathematics

Authors: Erwin Kreyszig

10th edition

470458364, 470458365, 978-0470458365

More Books

Students also viewed these Mathematics questions