Question

A researcher wishes to estimate the number of days it takes an automobile dealer to sell a Chevrolet Aveo. A random sample of 50 cars had a mean time on the dealer’s lot of 54 days. Assume the population standard deviation to be 6.0 days. Find the best point estimate of the population mean and the 95% confidence interval of the population mean.

Answer 1

9 days

Hope this will help you!

Answer 2

Explanation:

Given A researcher wishes to estimate the number of days it takes an automobile dealer to sell a Chevrolet Aveo. A random sample of 50 cars had a mean time on the dealer’s lot of 54 days. Assume the population standard deviation to be 6.0 days. Find the best point estimate of the population mean and the 95% confidence interval of the population mean.

• X bar = 54,  
• ρ = 6,  
• random sample n = 50
• For 95% confidence interval z = 1.96
• So X bar – z (ρ / √n) < μ < X bar + z (ρ / √n)
•       54 – 1.96 (6 / √50) < μ < 54 + 1.96 (60 / √50)
•       54 – 1.66 < μ < 54 + 1.66
•       52.34 < μ < 56
• So with 95% confidence the population mean based on a sample of 50 automobiles is the interval between 52 and 56 days.

Reference link will be

https://brainly.in/question/17877702