Basic Statistics

timer Asked: Nov 14th, 2013
account_balance_wallet $5

Question Description

Random sample of 25 tourists visit Hawaii this summer spent on average $1420 on this trip with the standard deviation of $285. Assume that the money spent by all tourists visit Hawaii has an approximate normal distribution. A) The 95% confidence interval for the mean money spent by all tourists visit Hawaii is: B) Suppose the confidence interval obtained is too wide. How can do width of this interval be reduced? Discuss all possible alternatives. Which alternative is the best?

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