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We estimate the mean price of a cell phone in the Bay Area using a 95% level of confidence. From a random sample of 25 stores the mean price was found to be $150 with a standard deviation of $15
Q
1 What is the point estimate for the mean price of the population
2 What is the value of standard error of the mean
3 The probability distribution is?
4 What is the critical value
5 What is the margin of error
6 What is the 90% confidence interval
Taking α to be 0.05, what is/are the critical values associated with testing your hypothesis?
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