An economist uses the price of a gallon of milk as a measure of inflation. She...
An economist uses the price of a gallon of milk as a measure of
inflation. She finds that the
average price is $4.00 per gallon and the population standard
deviation is $0.33. You decide to
sample 20 stores, collect their price for a gallon of milk, and
compute the mean price for a
sample.
What is the probability that the sample mean is between $3.85 and $3.95?
(Four decimal places)
Homework Answers
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An economist uses the price of a gallon of milk as a measure of
inflation. She...
You would like to estimate the mean price of milk (per gallon) in your city. You...
You would like to estimate the mean price of milk (per gallon) in your city. You select a random sample of prices from different stores. The sample has a mean of 3.75 dollars and a standard deviation of 0.21 dollars. For each of the following sampling scenarios, determine which test statistic is appropriate to use when making inference statements about the population mean. (In the table, Z refers to a variable having a standard normal distribution, and t refers to...
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1A survey of 25 grocery stores revealed that the average price of a gallon of milk was $2.98 with a standard error of $0.10.a. A sample of 25 is selected from a known population of 100 elements.What is the finite population correction factor?b. If 90% and 95% confidence intervals are developed to estimate the true cost of a gallon of milk, what similarities would they have?c. What is the 98% confidence interval to estimate the true cost of a gallon...
I can't seem to figure out At least one of the answers above is NOT correct....
I
can't seem to figure out
At least one of the answers above is NOT correct. (1 point) A population of N = 16500 has o = 75. Calculate oz for each of the following sample sizes. a. n = 4470:0 = 1.122 b. n = 825:03 = 2.611 Note: You can earn partial credit on this problem. (1 point) According to the University of Wisconsin Dairy Marketing and Risk Management Program, the average retail price of a gallon of...
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You would like to estimate the mean price of milk (per gallon) in your city. You select a random sample of prices from different stores. The sample has a mean of 3.75 dollars and a standard deviation of 0.21 dollars. For each of the following sampling scenarios, determine which test statistic is appropriate to use when making inference statements about the population mean. (In the table, Z refers to a variable having a standard normal distribution, and t refers to...
4. There are 200 gas stations in the city. An economist takes a random sample of 50 of them. Their average gasoline price is $ 1.339 per gallon, with a sample standard deviation of 23.1 cents per gallon. Determine an 80-percent confidence interval for the average price citywide, while assuming that the population data is normally distributed
15. (8 points) In August 2012, the national average price for a gallon of regular unleaded gasoline was $3.63. The prices for a sample of n-10 gas stations in the state of Illinois were used to create the following bootstrap distribation. Bootstrap Dotplot of ean Originall Sample ร00 Bootstrap Sample 25 3.80 .5 3.90 3.95 4.00 4.05 410 41342 (a) Use the bootstrap standard error and the normal approimation to construct a 90% confidence interval for the mean price of...
I
can't seem to figure out
At least one of the answers above is NOT correct. (1 point) A population of N = 16500 has o = 75. Calculate oz for each of the following sample sizes. a. n = 4470:0 = 1.122 b. n = 825:03 = 2.611 Note: You can earn partial credit on this problem. (1 point) According to the University of Wisconsin Dairy Marketing and Risk Management Program, the average retail price of a gallon of...
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