Estimate of the population mean, Basic Statistics

Assignment Help:

Playbill magazine reported that the mean annual household income of its readers is $119,155 (Playbill, January 2006). Assume this estimate of the mean annual household income is based on a sample of 80 households, and based on past studies, the population standard deviation is known to be σ = $30; 000.

a. Develop a 90% confidence interval estimate of the population mean.

b. Develop a 95% confidence interval estimate of the population mean.

c. Develop a 99% confidence interval estimate of the population mean.

d. Discuss what happens to the width of the confidence interval as the confidence level is increased.

Does this result seem reasonable? Explain.

 


Related Discussions:- Estimate of the population mean

Ploblem, free hand curve to measure secular trend

free hand curve to measure secular trend

Revenues , why are revenues an important number in financial statements?

why are revenues an important number in financial statements?

Bond redemption, Bond redemption The regaining of control of bonds formerly...

Bond redemption The regaining of control of bonds formerly issued by expense of amount due to the owner.

Spss data analysis assignment, At the end of their first year of teaching, ...

At the end of their first year of teaching, 11 teachers were jointly ranked by two school administrators to reflect their relative degree of teaching competence. Unknown to the adm

Factorial anova , Assessment Two tests your ability to conduct a factorial ...

Assessment Two tests your ability to conduct a factorial ANOVA and make appropriate decisions regarding any follow up comparisons. The following data set is adapted from Jaccard an

Variance analysis , Terry Co. manufactures a commercial solvent that is use...

Terry Co. manufactures a commercial solvent that is used for industrial maintenance. This solvent is sold by the drum and generally has a stable selling price. Due to a decrease in

Numerical annalysis, the number x = 37.46235 is round off to four significa...

the number x = 37.46235 is round off to four significant figures. compute the absolute error

Financial accounting about Collison (1998:7), if "profit" maximisation is b...

if "profit" maximisation is biased towards maximising the interest of only one stakeholder group, would you expect that over time there will be less emphasis on profit and more emp

Time series , what is the importance of time series

what is the importance of time series

Esk jewellery, You are working for the management of ESK Jewellery as a mar...

You are working for the management of ESK Jewellery as a marketing consultant. The main business of ESK Jewellery is the retailing of diamond jewellery. They opened their first sho

Write Your Message!

Captcha
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