The Business Environment and Enterprise Performance Survey (BEEPS), developed by

Question

The Business Environment and Enterprise Performance Survey (BEEPS), developed by the European Bank for Reconstruction and Development and the World Bank, is a survey of more than 4,000 firms in 22 transition countries. Conducted in 2000, BEEPS gathered information on the impediments to business growth in transition countries As part of BEEPS, firms that import goods answered the question How many days does it take from the time your goods arrive in their port of entry until the time you can claim them from customs?" For the sample of 35 importing firms in Armenia, the sample mean X was 8.3 days, and the sample standard deviation s was 9.9 days. The standard deviation of the population distribution is unknown, but you are willing to assume that the population distribution is not highly skewed and contains no outliers. To develop a 99% confidence interval for the mean number of days it takes for imported goods to clear customs in Armenia, use the

Explanation / Answer

mean = 8.3 , s = 9.9 , n = 35
z value at 99% CI = 2.576

CI = mean + /- z * ( s / sqrt(n))
= 8.3 +/- 2.576 * ( 9.9 / sqrt(35))
= (3.989 , 12.611)

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