Stats 1 1) Days It Takes to Sell an Aveo Name: A researcher wishes to estimate t

Question

Stats 1 1) Days It Takes to Sell an Aveo Name: A researcher wishes to estimate the number of days it takes an automobile dealer to sell a Chevrolet Aveo. A sample of 50 cars had a mean time on the dealer's lot of 54 days. Assume the population the population mean and the 95% confidence interval of the population mean. deviation to be 6.0 days. Find the best point estimate of Sourve: Basod on infomation ouained from Power Information Network 2) Actuary Exams A survey of 35 individuals who passed the seven exams and obtained the rank of Fellow in the actuarial field finds the average salary to be $150,000. I the standard deviation for the population is $15,000, construct a 95% confidence interval for all Fellows.

Explanation / Answer

1)

The best point estimate of population mean = 54

CI for 95%

n = 50

mean = 54

z-value of 95% CI = 1.9600

std. dev. = 6

SE = std.dev./sqrt(n) = 0.84853

ME = z*SE = 1.66308

Lower Limit = Mean - ME = 52.33692

Upper Limit = Mean + ME = 55.66308

95% CI (52.3369 , 55.6631 )

2)

CI for 95%

n = 35

mean = 150000

z-value of 95% CI = 1.9600

std. dev. = 15000

SE = std.dev./sqrt(n) = 2535.46276

ME = z*SE = 4969.41570

Lower Limit = Mean - ME = 145030.58430

Upper Limit = Mean + ME = 154969.41570

95% CI (145030.5843 , 154969.4157 )

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.