Hand in Quiz Business Statistics DUE Tuesday, February 14, 2017 NO LATE ASSIGNME
ID: 3206590 • Letter: H
Question
Hand in Quiz Business Statistics DUE Tuesday, February 14, 2017 NO LATE ASSIGNMENTS WILL BEACCEPTED. SHowALL WORK TO RECEIVE FULL CREDIT. Golf cart tsat a local country club onen receive tips from golfers they assist with their golfclubs. attendants help recruit new employees, the country club would like to determine the averagetips per day an attendant earns. A sample 30 attendants averaged per day in tips. Assume the population standard deviation for daily tips is S9.00, a What is the point estimate for the population mean? What is the meaning ofthis value? b. Which distribution (normal or should be used to create a confidence interval for this problem? EXPLAIN YOUR CHOICE. c. What is the margin oferror for a 98% confidence interval? d Construct a 98% con fidence interval for this problem. e. Interpret the meaning of the fidence interval created in part "d"Explanation / Answer
a) point estimate of population mean =42.60
this means that all sample of 30 size will be centered on 42.60.
b) we will use z distribution as population std deviation is given
c)for 98% confidence interval; zscore =2.3263
and std error =stdd eviation/(n)1/2 =1.6432
hence margin of error =+/- z*std error =3.8226
d) hence confidence interval =mean +/- margin of error =(38.78 ; 46.42)
e) confidence interval refers the probabilty of finding mean of population in the calculated interval.
here this interval is 98%.
f)as sample size increases to 50, margin of error will decrease as it is inverselyproportion to square root of sample size, hence confidence interval width will reduce.
g)for reduced confidence interval, zscore value will reduce which will reduce margin of error, hence width will decrease.
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