What is the margin of error for confidence interval

Assignment Help Business Economics
Reference no: EM131007990

The Wall Street Journal reported that automobile crashes cost the United States $162 billion annually (The Wall Street Journal, March 5, 2008). The average cost per person for crashes in the Tampa, Florida, area was reported to be $1599. Suppose this average cost was based on a sample of 50 persons who had been involved in car crashes and that the population standard deviation is σ = $600.

What is the margin of error for a 95% confidence interval? Round your answer to two decimal places.

Reference no: EM131007990

Questions Cloud

What is their maximum joint revenue : Kristen and Anna live in the beach town of Santa Monica. They own a small business in which they make wristbands and pot holders and sell them to people on the beach. As shown in the table, Kristen can make 15 wristbands per hour but only 3 pot holde..
Is the slope of the line positive or negative : The least squares line for the data since year 1400 is shown on the graph. Is the slope of the line positive or negative? What does this imply? Consider cooperation use (x) as a predictor of average payoff (y). Based on the scattergram, is there ..
Probability of rising consumer confidence : 1. Advertising strategies decisions. For the payoff table in Exercise 17, find the action with the highest expected value. a) If forecasters think the probability of rising consumer confidence is 0.70, what is its expected value?
What does the efficiency theory state : Regarding combined returns on a merger, what does the efficiency theory state, and what do empirical studies suggest? Regarding the same issue, what does the entrenchment theory state, and what do empirical studies suggest?
What is the margin of error for confidence interval : The Wall Street Journal reported that automobile crashes cost the United States $162 billion annually (The Wall Street Journal, March 5, 2008). The average cost per person for crashes in the Tampa, Florida, area was reported to be $1599. What is the ..
Find the cost of painting a fence built above the given path : Use this interpretation to find the cost of painting (one side of) a fence built above the path γ{t) = (10 cos3t/, 10 sin3t), t ∈ [0, π/2], with height f(x, y) = 1 + y/3.
Prepare the statement of cash flows of metagrobolize : The statement of shareholders' equity reveals reductions of $225,000 and $450,000 for stock dividends and cash dividends, respectively.
Create a large change in economic prosperity : A relatively small but steady economic growth rate can create a large change in economic prosperity in a fairly short period of time due to a phenomenon known as (Click to select) inflation expansion interest compounding. Using the rule of 70, if a p..
Write international marketing report for hamleys : Write about given title. Title: International Marketing Report for Hamleys

Reviews

Write a Review

Business Economics Questions & Answers

  What is the multiplier in this model

What is the multiplier in this model? The d is suppose to be a little below the Y.

  Value turnoff for customers

Which of these can be a value turnoff for customers?

  Describe racial profiling and racially biased policing

Describe racial profiling and racially biased policing. Explain why these phenomena have become significant issues in policing. What steps have been taken to eliminate racial bias among police?

  How mandating employer-paid insurance

Explain in terms your parents would understand how mandating employer-paid insurance is likely to lead to a permanent loss of jobs for low-paid workers

  Repablicans and democrats usually agree on most issues

Why might two presidential candidates appear to have very similar opinions during an election year even if they come from different parties? Repablicans and Democrats usually agree on most issues

  Rate of return on this planned investment is most nearly

An energy management system that can save $7,500 per year for four (4) years, expenses are $2,000 per year, can be installed at a cost of $20,000. At the end of four (4) it is expected to be sold for $1,250. Using the end of year convention, the rate..

  Costs of building and operating the self-storage facilities

Sam owns outright (no mortgage payments) two plots of land of equal size in Southern California. One plot is in Victorville (the High Desert) and the other is in the coastal community of Newport Beach.  Given that Sam’s calculations were correct on t..

  Explain how fixed and variable costs should be adjusted

Select a private-sector, for-profit firm and write a 1,050 to 1,400-word paper/business proposal in which you provide recommendations to that firm. Explain how fixed and variable costs should be adjusted to maximize profit.

  Why is consumer surplus never negative

Why is consumer surplus never negative? What is consumer surplus? Consider a market with a demand curve of P=24-2Q and a supply curve of P=3+Q. Calculate equilibrium quantity. Consider a market with a demand curve of P=24-2Q and a supply curve of P=3..

  Domestic interest rate causes the demand for domestic assets

A decrease in the domestic interest rate causes the demand for domestic assets to ________ and the domestic currency to ________, everything else held constant.

  Actions to someone who is unfamiliar with economics

Maria is a hostess at a local restaurant. When she earned $8 per hour, she worked 35 hours per week. When her wage increased to $10 per hour, she decided to work 40 hours. However, when her wage increased again to $12 per hour, she decided to cut bac..

  Compute the total cost of lording and carrying flour

A large bakery buys flour in 25-pound bags. The bakery uses an average of 4,900 bags a year. Preparing an order and receiving a shipment of flour involves a cost of $10 per order. Annual carrying costs are $75 per bag. Compute the total cost of lordi..

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!

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