Description
- See attached pages
- Answer questions 2, 6, 8, 10, 12, and 14
- Must be typed, NOT hand written
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Explanation & Answer
Attached.
Running Head: BUSINESS STATISTICS
1
Business Statistics
Name
Institution
Instructor
Date
BUSINESS STATISTICS
2
Question 2
Sample size n = 50
σ=6
x̅ = 32
Solution
a) The 90 % confidence interval
Solution
Merginal Error = zα
2
σ
√n
α 1 100 − 90
= (
) = 0.05
2 2
100
𝑧0.05 = ±1.645
ME = ±1.645 ×
6
√50
= ±1.3958
confidence interval = x̅ ± ME = 32 ± 1.3958
𝟑𝟎. 𝟔𝟎𝟒𝟐 ≤ 𝛍 ≤ 𝟑𝟑. 𝟑𝟗𝟓𝟖
b) 95 % confidence interval
Solution
Merginal Error = zα
2
σ
√n
α 1 100 − 95
= (
) = 0.025
2 2
100
𝑧0.025 = ±1.96
ME = ±1.96 ×
6
√50
= ±1.6631
confidence interval = x̅ ± ME = 32 ± 1.6631
𝟑𝟎. 𝟑𝟑𝟔𝟗 ≤ 𝛍 ≤ 𝟑𝟑. 𝟔𝟔𝟑𝟏
c) 99 % confidence interval
BUSINESS STATISTICS
3
Solution
Merginal Error = zα
2
σ
√n
α 1 100 − 99
= (
) = 0.005
2 2
100
𝑧0.005 = ±2.576
ME = ±2.576 ×
6
= ±2.1858...
Review
Review
