The accompanying data represent ne total omplete parts (a) through (c)below avel
ID: 3368307 • Letter: T
Question
The accompanying data represent ne total omplete parts (a) through (c)below avel ta n dollars or?3-day business p n 8 rando y selected cites. A normal probabilit suggests the data could come rom popula on hat is normally dist tuted A bo plot indicates there are no out lers 68.72 78.31 70.75 8427 80.48 87.78 100 98 98.59 Click the icon to view the table of ontical t-values. a Determine a point estimate for the population mean trevel tax 4 point estimate for the population mean travel tax is S Round to two decimal places as needed.) b] Consu uct and intelprei a 95% ?nfidence interval fol the mean tax paid for a lhes-day business trip. elect the crrect choice below and fil in the ariswer boxes to coiplete your choice Ruurid to two deciral places as needed.) A. 98. oc. D. % confident that the all cities have a travel tax belween $ %00ntident that the mean travel lax tor altiessbetween $lands % probability that the mean travel tax for all cities is between S and $ One can be one ran he There is a The travel tax is between $ and$ and $, for-% of all cities. c) What would you recommend to?researcher who wants 10 increase the precision at the interval but does not have access to additonal data?Explanation / Answer
Ans:
From above data:
Sample mean=83.735
standard deviation=11.764
n=8
df=8-1=7
critical t value=tinv(0.05,7)=2.365
a)Point estimate for population mean=sample mean=83.74
b)95% confidence interval for population mean
=83.74+/-2.365*(11.764/sqrt(8))
=83.74+/-9.84
=(73.90, 93.58)
Option B is correct.
One can be 95% confident that mean travel time for all cities is between 73.90 and 93.58
c)For increased percision,so margin of error should be less,which can be achieved by increasing the sample size or by lowering the confidence level.
So,you should use lower confidence level e.g. using 90% confidenec level instead of 95%.
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