Estimate of the population mean time, Basic Statistics

The average cost per night of a hotel room in New York City is $273 (SmartMoney, March 2009).

Assume this estimate is based on a sample of 45 hotels and that the sample standard deviation is $65.

a. With 95% confidence, what is the margin of error?

b. What is the 95% confidence interval estimate of the population mean?

c. Two years ago the average cost of a hotel room in New York City was $229. Discuss the change in cost over the two-year period.

 

Posted Date: 3/30/2013 7:39:34 AM | Location : United States







Related Discussions:- Estimate of the population mean time, Assignment Help, Ask Question on Estimate of the population mean time, Get Answer, Expert's Help, Estimate of the population mean time Discussions

Write discussion on Estimate of the population mean time
Your posts are moderated
Related Questions

Identify the unit of analysis in the following hypothetical research design: A research team wants to compare the school spirit at college campuses across the country to see if pri

difference b/w historigrams & histogram?

It is a numerical average, as equal to the sum of terms in a given series divided by the number of terms in that series is the mean which is also called the expected value.

The Steven Wholesale Co. uses the periodic inventory system. The following transactions occurred during the month of May, the last month of the fiscal year that runs from June 1 t


SCENARIO It is proposed to construct a 3m diameter, 50m long tunnel, heading 0950, through the andesite lava flow at Maori Bay (Muriwai). As part of the preliminary investigati

LINEAR POWER SUPPLY (JPG) The Goodwill GPC3030D power supply is an example of a linear power supply. Discoveries that were made in researching this power supply are things such

). Calculate Karl Pearson’s coefficient of correlation from the following data , using 20 as the working mean for price and 70 as the working mean for demand: Price: 14 16 17 18 1

Regression line drawn as Y =C+1075x, when x was 2, and y was 239. Given that y intercept was 11. Calculate the residual.