Hoping to lure more shoppers downtown. a city builds a new public parking garage

Question

Hoping to lure more shoppers downtown. a city builds a new public parking garage in the central business district The city plans for the through parking fees. For random sample of 44 weekdays, daily fees collected averaged $126, with a standard deviation of $15 suppose that for planning purposes, the city needs a better estimate of the mean daily income from parking fees. Complete parts (a) through (c) (a) Someone suggests that the city use its data to create a 95% confidence interval instead of the 90%intervalthe city first created would this interval be better for the city? (You need not actually create the interval) A. Yes. A 95% confidence level means that more people sampled so the interval is more accurate B. Yes. A 95% confidence level gives increased confidence that the mean confident that the mean parking revenue is contained with the interval C. No There is no significant difference between using the 90% confidence level and the 95% confident level. (b) Would the 95% confidence interval be worse for the planners? A. Yes. The increased confidence level creates a wider interval and is therefore less precise B. Yes A 95% confidence level creates a narrower interval and is therefore more precise and will cost the planners more money C. No The increased confidence interval would not be worse for the planners. (c) How could they achieve a confidence interval estimate interval confidence A. The city officials and planner could compromise and use a 92.5% confidence interval B. They could include the weekend parking the fees in the sample C. They could collect a larger sample which would create a more precise interval without confidence.

Explanation / Answer

a) option B is correct; as increased confidence interval will have larger wifth if we keep other things constant

b)option A is correct

c)option C is correct

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