Suppose a local Best Buy store surveys the merchandise remaining in stock at the end of the month. A sample of 50 items was randomly selected. The mean value of the sampled items was found to equal $542.50 with a sample standard deviation of $120.56. a. What is the point-estimate?
b. If a 95% Confidence Level is used, what is the corresponding margin of error? Level of Significance?
c. What are the critical values for a 95% Confidence Level?
Construct a 95% confidence interval for the population mean. Interpret.
2. According to a survey performed by a real estate institute at USC, the sample mean rent in 2003 was $1,300 for Los Angeles County and $1,260 in Orange County. Assume the survey sampled 250 rents in each county. Also assume the standard deviation in rents was $350 in Los Angeles County and $450 in Orange County. a. Calculate a 90% confidence interval for the population mean rent for Los Angeles. Interpret.
b. Calculate a 90% confidence interval for the population mean rent for Orange County. Interpret.
c. Is there a good chance that the population mean rent in Orange County is higher than that in Los Angeles County? Explain.
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Answer:
5
0+5 =5
4+1 = 5
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Answer:
It is too big
Please calculate on your own
Step-by-step explanation:
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