Point estimate p-hat and margin of error

Reference no: EM13105986

1. Find the point estimate p-hat and the margin of error for the confidence interval (0.444, 0.484)

2. With destructive testing, sample items are destroyed in the process of testing them. Crash testing of cars is one very expensive example of destructive testing. Twelve Dodge Viper sports cars (list price: $59,300) are crash tested under a variety of conditions that simulate typical collisions. Analysis of the 12 damaged cars results in repair costs having a distribution that appears to be bell-shaped, with a mean of x-bar = $26,227 and a standard deviation of s = $15, 873 (based on data from the Highway Loss Data Institute). Find the 95% interval estimate of m, the mean repair cost for all Dodge Vipers involved in collisions, and interpret the result.

Reference no: EM13105986

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