4. Goldman Sachs wants to estimate the amount of an annual healthcare premium needed for an...
Goldman Sachs wants to estimate the amount of an annual healthcare premium needed for an econometrician as part of a new recruiting program. In a sample of 50 econometricians, they found that the average yearly premium needed is $16,000 with a standard deviation of $3,500. (a) What is the population mean? What is the best estimate of the population mean? (b) Develop an 90% confidence interval for the population mean. (c) Assuming a 99% level of confidence, how large of...
Goldman Sachs wants to estimate the amount of an annual healthcare premium needed for an econometrician as part of a new recruiting program. In a sample of 50 econometricians, they found that the average yearly premium needed is $16,000 with a standard deviation of $3,500. (a) What is the population mean? What is the best estimate of the population mean? (b) Develop an 90% confidence interval for the population mean. (c) Assuming a 99% level of confidence, how large of...
4. The department of HR at the University of Michigan wants to estimate the amount of an annual healthcare premium needed for an Assistant Professor as part of a new recruiting program. In a sample of 50 Assistant Professors, they found that the average yearly premium needed is $16,000 with a standard deviation of $3,500. (a) What is the population mean? What is the best estimate of the population mean? (b) Develop an 90% confidence interval for the population mean....
A marketing researcher wants to estimate the mean amount spent ($) on a certain retail website by members of the website's premium program. A random sample of 98 members of the website's premium program who recently made a purchase on the website yielded a mean of $1200 and a standard deviation of $300. Construct a 99% confidence interval estimate for the mean spending for all shoppers who are members of the website's premium program. (Round to two decimal places as...
A large company wants to estimate the average amount of money that is owed to it by delinquent customers, µ. The mean of this sample is $230 and the standard deviation is $50. Construct a 95% and 99% confidence interval for the population parameter µ. This is the only information given. There is no sample size given.
A marketing researcher wants to estimate the mean amount spent ($) on a certain retail website by members of the website's premium program. A random sample of 100 members of the website's premium program who recently made a purchase on the website yielded a mean of $2000 and a standard deviation of $200. Construct a 95% confidence interval estimate for the mean spending for all shoppers who are members of the website's premium program. (Round to two decimal places as...
A large company wants to estimate the average amount of money that is owed to it by delinquent customers, µ. The mean of this sample is $230 and the standard deviation is $50. Construct a 95% and 99% confidence interval for the population parameter µ. Only information givin. No sample size. Show by hand step by step.
The U,S. Dairy Industry wants to estimate the mean yearly milk consumption. A sample of 16 people reveals the mean yearly consumption to be 60 gallons with a standard deviation of 20 gallons. Assume the population distribution is normal. a. What is the value of the population mean? What is the best estimate of this value? b. Explain why we need to use the t distribution. What assumption do you need to make? c. For a 90% confidence interval, what...
The Sugar Producers Association wants to estimate the mean yearly sugar consumption. A sample of 25 people reveals the mean yearly consumption to be 27 kg with a sample standard deviation of 9 kg. Assume a normal population. For a 95% confidence interval, what is the critical value needed?
The U.S. Dairy Industry wants to estimate the mean yearly milk consumption. A sample of 11 people reveals the mean yearly consumption to be 54 gallons with a standard deviation of 15 gallons. Assume the population distribution is normal. a-1. What is the value of the population mean? Unknown 54 15 a-2. What is the best estimate of this value? Estimated population mean 54I c. For a 98% confidence interval, what is the value of t? (Round your answer to...