Bureau of Labor Statistics researchers conduct a study aimed at confidence estim
ID: 3173069 • Letter: B
Question
Bureau of Labor Statistics researchers conduct a study aimed at confidence estimation of the population variance from individual insurance monthly premium payments made by technicians in a large corporation. They assume that individual records are normally distributed with unknown parameters. An independent sample of 25 records has shown Sample Mean = 135 minutes' sample variance = 125. Describe the 99% confidence interval for the population variance. Critical Values UCL = Upper Confidence Limit = LCL = Lower Confidence Limit = Width of the intervalExplanation / Answer
here critcal values for 24 degree of freedom and 99% CI critcal value of t=2.7969
std error =std deviation/(n)1/2=2.236
UCL =mean +t*std error =141.254
LCL=mean -t*std error=128.746
width =UCL-LCL=12.508
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