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A hotel chain wants to estimate the average number of rooms rented daily in each month....
The owner of a computer repair shop has determined that his daily revenue has a mean...
The owner of a computer repair shop has determined that his daily revenue has a mean of $7000 and a standard deviation of $1200. The daily revenue totals for the next 30 days will be monitored. What is the probability that the mean daily revenue for the next 30 days will exceed $7325? A hotel chain is considering expanding into Gotham. As part of their consideration they want to estimate the average number of conference rooms rented daily. The population...
A surveyor wants to estimate the average income of daily users of a transit service. The...
A surveyor wants to estimate the average income of daily users of a transit service. The surveyor would like to estimate this value to within $1,000 of the true mean with 90 percent confidence. If historic data indicates that the standard deviation for the sample estimates will be $30,000, what is the minimum sample size to estimate the mean income if the total population is 5,000 riders per day? When the actual sample was taken, the sample standard deviation was...
A chain restaurant wants to estimate the population mean weight of one of their entrees. A...
A chain restaurant wants to estimate the population mean weight of one of their entrees. A random sample size n = 36 showed sample mean = 18 ounces with sample standard deviation s = 1.8 ounces. Create a confidence interval at 95% confidence for the population mean μ.
Suppose you want to estimate the average cost of a hotel room in New Orleans. You...
Suppose you want to estimate the average cost of a hotel room in New Orleans. You randomly select a sample of 30 hotel rooms in New Orleans and find the average cost is $88.43. The standard deviation of the population is $5.72. a) Find a 90% confidence interval to estimate the average cost of all hotel rooms in New Orleans.
A certain brokerage house wants to estimate the mean daily return on a certain stock. A...
A certain brokerage house wants to estimate the mean daily return on a certain stock. A random sample of 13 days yields the following return percentages: -287-2.57.-2.52,28.-11.028, 261,-0.96, 2.45,229.1.47, 148,-0.26 If we assume that the returns are normally distributed, find a 95% confidence interval for the mean daily return on this stock. Then complete the table below. Carry your intermediate computations to at least three decimal places. Round your answers to one decimal place. (if necessary, consult a list of...
An admissions director wants to estimate the mean age of all students enrolled at a college....
An admissions director wants to estimate the mean age of all students enrolled at a college. The estimate must be within 1.7 years of the population mean. Assume the population of ages is normally distributed. (a) Determine the minimum sample size required to construct a 90% confidence interval for the population mean. Assume the population standard deviation is 1.8 years. (b) The sample mean is 20 years of age. Using the minimum sample size with a 90% level of confidence,...
An admissions director wants to estimate the mean age of all students enrolled at a college....
An admissions director wants to estimate the mean age of all students enrolled at a college. The estimate must be within 1.1 years of the population mean. Assume the population of ages is normally distributed (a) Determine the minimum sample size required to construct a 90% confidence interval for the population mean. Assume the population standard deviation is 1.7 years (b) The sample mean is 21 years of age. Using the minimum sample size with a 90% level of confidence,...
A news report states that the 95% confidence interval for the mean number of daily calories...
A news report states that the 95% confidence interval for the mean number of daily calories consumed by participants in a medical study is (2030, 2200). Assume the population distribution for daily calories consumed is normally distributed and that the confidence interval was based on a simple random sample of 19 observations. Calculate the sample mean, the margin of error, and the sample standard deviation based on the stated confidence interval and the given sample size. Use the t distribution...
A coal company wants to determine a 95% confidence interval estimate for the average daily tonage...
A coal company wants to determine a 95% confidence interval estimate for the average daily tonage of coal that they mine. Assuming that the company reports that the standard deviation of daily output is 100 tons, how many days should they sample (i.e. find the sample size) so that the margin of error will be 20 tons or less? Please break this down and show me the formula. Thanks
Question:The average cost per night of a hotel room in New York City is $472. Assume...
Question:The average cost per night of a hotel room in New York City is $472. Assume this estimate is based on a sample of 75 hotels and that the sample standard deviation is $54. a. At 90% confidence, what is the interval estimate for the population mean? b. At 95% confidence, what is the interval estimate for the population mean? c. At 99% confidence, what is the interval estimate for the population mean? d. Describe the effect of a higher...
A surveyor wants to estimate the average income of daily users of a transit service. The surveyor would like to estimate this value to within $1,000 of the true mean with 90 percent confidence. If historic data indicates that the standard deviation for the sample estimates will be $30,000, what is the minimum sample size to estimate the mean income if the total population is 5,000 riders per day? When the actual sample was taken, the sample standard deviation was...
A certain brokerage house wants to estimate the mean daily return on a certain stock. A random sample of 13 days yields the following return percentages: -287-2.57.-2.52,28.-11.028, 261,-0.96, 2.45,229.1.47, 148,-0.26 If we assume that the returns are normally distributed, find a 95% confidence interval for the mean daily return on this stock. Then complete the table below. Carry your intermediate computations to at least three decimal places. Round your answers to one decimal place. (if necessary, consult a list of...
An admissions director wants to estimate the mean age of all students enrolled at a college. The estimate must be within 1.1 years of the population mean. Assume the population of ages is normally distributed (a) Determine the minimum sample size required to construct a 90% confidence interval for the population mean. Assume the population standard deviation is 1.7 years (b) The sample mean is 21 years of age. Using the minimum sample size with a 90% level of confidence,...
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