14- The daily revenue from the sale of fried dough at a local street vendor in B

Question

14- The daily revenue from the sale of fried dough at a local street vendor in Boston is known to be normally distributed with a known standard deviation of $120. The revenue on each of the last 25 days is noted, and the average is computed as $550. A 95% confidence interval is constructed for the population mean revenue. If the data from the last 40 days had been used, then the resulting 95% confidence intervals would have been _____________________.

Wider, with a larger probability of reporting an incorrect interval

Wider, with the same probability of reporting an incorrect interval

Narrower, with a larger probability of reporting an incorrect interval

Narrower, with the same probability of reporting an incorrect interval

Explanation / Answer

Answer: Narrower, with the same probability of reporting an incorrect interval

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