User Account

All Pages

Define underlying distribution is approximately normal

Assignment Help Basic Statistics
Reference no: EM131643943

Question: In a recent sample of 84 used car sales costs, the sample mean was $6,425 with a standard deviation of $3,156. Assume the underlying distribution is approximately normal.

a. Which distribution should you use for this problem? Explain your choice.

b. Define the random variable X ¯ in words.

c. Construct a 95% confidence interval for the population mean cost of a used car.

i. State the confidence interval.

ii. Sketch the graph.

iii. Calculate the error bound. d. Explain what a "95% confidence interval" means for this study.

Reference no: EM131643943

Questions Cloud

How many male students must you measure : The average height of young adult males has a normal distribution with standard deviation of 2.5 inches. You want to estimate the mean height of students.
Which of the two sets of institutions has done a better job : Which of the two sets of institutions has done a better job? Would the balancing act be easier in a parliamentary system?
Identify the potential risks found in the organization : DEFINE RISK as it pertains to risk assessment for a company - Identify the potential risks found in the organization
Define cardiac rhythm on the monitor : The cardiac monitor alarm alerts the critical care nurse that the patient is showing no cardiac rhythm on the monitor
Define underlying distribution is approximately normal : In a recent sample of 84 used car sales costs, the sample mean was $6,425 with a standard deviation of $3,156.
Post an explanation of factors : Post an explanation of factors that might contribute to the relevance or irrelevance of sample size when conducting statistical analyses
Construct ci for the population mean grams of fat : Construct a 90% confidence interval for the population mean grams of fat per serving of chocolate chip cookies sold in supermarkets.
Discuss problem related to an acceptable job : According to a recent survey of 1,200 people, 61% feel that the president is doing an acceptable job. We are interested in the population proportion of people.
What were the progressive era reforms : What are the difficulties facing 3rd parties in the US electoral system?What do 3rd parties do in the US and why do people support them?

Reviews

Write a Review

Basic Statistics Questions & Answers

  Explain what is meant by subjective probability

Explain what is meant by subjective probability. Research the Internet, and provide a business-related example in which subjective probability assessment would likely be used (be sure to cite your sources).

  Sequence of algebras

Let An be an increasing sequence of σ-algebras whose union generates a σ-algebra S. Let µ and ν be probability measures on S such that ν is singular with respect to µ on S, but absolutely continuous with respect to µ on each

  What are the limitations of given analysis

Based on these limited data, is there a relationship between age and average price of an Aston Martin? What are the limitations of this analysis? Can you think of some hidden variables that could affect what you are seeing in the data?

  Comment on likely direction of causation

A firm finds the coefficient of correlation between y annual sales and y = annual expenditure on research and development to be r = +0.90. Comment on the likely direction of causation, if any, between these variables.

  What proportion of the households spend less

If the weekly average expenditure of all households is $53,000 but an expert argues that the weekly expenditure is more than $53,000, test his claim at a 5% level of significance and interpret your results.

  Change in the performance of the lamps between the dates

Is there any evidence of a change in the performance of the lamps between the dates - If there is a difference, calculate the 95% confidence limits for the difference.

  What could the bank do to increase the power

Suppose the bank decides to lower the cutoff score from 250 points to 200. Is that analogous to choosing a higher or lower value of for a hypothesis test? Explain.

  Applying business process improvement vs business process

Explain how an organization may choose between applying business process improvement versus business process reengineering to solving a process performance problem.

  What is the expected value of playing roulette

What is the expected value of playing roulette if you bet $18 on red ?

  Sample size to be confident that estimate is given value

The minimum sample size needed in order for the union to be confident that its estimate is within of ? Suppose that the standard deviation of wages of foodservice workers in the U.S. is about .

  What is the monetary certainty equivalent for the following

What is the monetary certainty equivalent for the following gamble: gain $130 with probability 0.4, lose $320 with probability 0.6.

  How to test the hypothesis of no differences in the mean

Explain how to test the hypothesis of no differences in the mean proportions of mouth fixations for the four background noise levels.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd