{Exercise 8.7 (Algorithmic)}
The Wall Street Journal reported that automobile crashes cost the United States $162 billion annually (The Wall Street Journal, March 5, 2008). The average cost per person for crashes in the Tampa, Florida, area was reported to be $1599. Suppose this average cost was based on a sample of 30 persons who had been involved in car crashes and that the population standard deviation is σ = $600.
What is the margin of error for a 95% confidence interval? Round your answer to two decimal places.
What would you recommend if the study required a margin of error of $150 or less?
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{Exercise 8.7 (Algorithmic)} The Wall Street Journal reported that automobile crashes cost the United States $162...
The Wall Street Journal reported that automobile crashes cost the United States $162 billion annually (The Wall Street Journal, March 5, 2008). The average cost per person for crashes in the Tampa, Florida, area was reported to be $1599. Suppose this average cost was based on a sample of 33 persons who had been involved in car crashes and that the population standard deviation is σ = $450. What is the margin of error for a 95% confidence interval? Round...
(Please show if possible on excel .I believe i'm close but want to double check) The Wall Street Journal reported that automobile crashes cost the United States $162 billion annually. The average cost per person for crashes in the Tampa, Florida, area was reported to be $1900. Suppose this average cost was based on a sample of 50 persons who had been involved in car crashes and that the population standard deviation is known to be $500. What is the...
The Wall Street Journal reported that the age at first startup for 20% of entrepreneurs was 29 years of age or less and the age at first startup for 80% of entrepreneurs was 30 years of age or more. (a) Suppose a sample of 200 entrepreneurs will be taken to learn about the most important qualities of entrepreneurs. Show the sampling distribution of p where p is the sample proportion of entrepreneurs whose first startup was at 29 years of...