User Account

All Pages

Write a confidence interval for the mean daily income

Assignment Help Basic Statistics
Reference no: EM131650196

Question: Parking. Hoping to lure more shoppers downtown, a city builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees. During a two-month period (44 weekdays), daily fees collected averaged $126, with a standard deviation of $15.

a) What assumptions must you make in order to use these statistics for inference?

b) Write a 90% confidence interval for the mean daily income this parking garage will generate.

c) Interpret this confidence interval in context.

d) Explain what "90% confidence" means in this context.

e) The consultant who advised the city on this project predicted that parking revenues would average $130 per day. Based on your confidence interval, do you think the consultant was correct? Why?

Reference no: EM131650196

Questions Cloud

Define contemporary community standards : is it appropriate for the courts to apply the "contemporary community standards
Discuss the confidence level and the p-value : Explain how these two results are consistent. Your explanation should discuss the confidence level, the P-value, and the decision.
Company take to insure customer service : What actions did the company take (or not take) to insure customer service?
Describe the error that is committed in the fallacy : Describe the error that is committed in the fallacy. In other words, what's wrong with argument? Identify strategy that will help you in avoiding this fallacy.
Write a confidence interval for the mean daily income : Write a 90% confidence interval for the mean daily income this parking garage will generate. Interpret this confidence interval in context.
Define sexually transmitted diseases affect such a stance : Prostitution and solicitation are referred to as victimless crimes. How does the threat of AIDS and other sexually transmitted diseases affect such a stance
Were the alcoholic beverages spyke bad products : Were the alcoholic beverages Spyke and Wide-Eye bad products? what approach would you have taken to promote the products.
Economic structure and flow of commercial radio : Explain the economic structure and flow of commercial radio, including ownership trends and the major sources of revenue and expense in the industry.
Explain and evaluate their crimes and subsequent punishment : When you evaluate their crimes and subsequent punishment on the whole do you think their punishment was just

Reviews

Write a Review

Basic Statistics Questions & Answers

  Statistics-probability assignment

MATH1550H: Assignment:  Question:  A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..

  What is the least number

MATH1550H: Assignment:  Question:     what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?

  Determine the value of k

MATH1550H: Assignment:  Question:     Experience shows that X, the number of customers entering a post office during any period of time t, is a random variable the probability mass function of which is of the form

  What is the probability

MATH1550H: Assignment:Questions: (Genetics) What is the probability that at most two of the offspring are aa?

  Binomial distributions

MATH1550H: Assignment:  Questions:  Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.

  Caselet on mcdonald’s vs. burger king - waiting time

Caselet on McDonald’s vs. Burger King - Waiting time

  Generate descriptive statistics

Generate descriptive statistics. Create a stem-and-leaf plot of the data and box plot of the data.

  Sampling variability and standard error

Problems on Sampling Variability and Standard Error and Confidence Intervals

  Estimate the population mean

Estimate the population mean

  Conduct a marketing experiment

Conduct a marketing experiment in which students are to taste one of two different brands of soft drink

  Find out the probability

Find out the probability

  Linear programming models

LINEAR PROGRAMMING MODELS

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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