# Question

A consumer agency that proposes that lawyers’ rates are too high wanted to estimate the mean hourly rate for all lawyers in New York City. A sample of 70 lawyers taken from New York City showed that the mean hourly rate charged by them is $570. The population standard deviation of hourly charges for all lawyers in New York City is $110.

a. Construct a 99% confidence interval for the mean hourly charges for all lawyers in New York City.

b. Suppose the confidence interval obtained in part a is too wide. How can the width of this interval be reduced? Discuss all possible alternatives. Which alternative is the best?

a. Construct a 99% confidence interval for the mean hourly charges for all lawyers in New York City.

b. Suppose the confidence interval obtained in part a is too wide. How can the width of this interval be reduced? Discuss all possible alternatives. Which alternative is the best?

## Answer to relevant Questions

A bank manager wants to know the mean amount of mortgage paid per month by homeowners in an area. A random sample of 120 homeowners selected from this area showed that they pay an average of $1575 per month for their ...You are interested in estimating the mean commuting time from home to school for all commuter students at your school. Briefly explain the procedure you will follow to conduct this study. Collect the required data from a ...Find the value of t for the t distribution for each of the following. a. Area in the right tail = .05 and df = 12 b. Area in the left tail = .025 and n = 66 c. Area in the left tail = .001 and df = 49 d. Area in the right ...Suppose, for a sample selected from a normally distributed population, 68.50 and s = 8.9. a. Construct a 95% confidence interval for µ assuming n = 16. b. Construct a 90% confidence interval for µ assuming n = 16. Is the ...The high price of medicines is a source of major expense for those seniors in the United States who have to pay for these medicines themselves. A random sample of 2000 seniors who pay for their medicines showed that they ...Post your question

0