Because of different sales ability, experience, and devotion, the incomes of real estate agents vary considerably. Suppose that in a large city the annual income is normally distributed with a standard deviation of $15,000. A random sample of 16 real estate agents was asked to report their annual income (in $1,000). The responses are listed here. Determine the 99% confidence interval estimate of the mean annual income of all real estate agents in thecity.
Answer to relevant QuestionsA survey of 400 statistics professors was undertaken. Each professor was asked how much time was devoted to teaching graphical techniques. We believe that the times are normally distributed with a standard deviation of 30 ...A time study of a large production facility was undertaken to determine the mean time required to assemble a cell phone. A random sample of the times to assemble 50 cell phones was recorded. An analysis of the assembly times ...Review the results of Exercise 10.43. Describe what happens to the sample size whena. The population standard deviation decreases.b. The confidence level decreases.c. The bound on the error of estimation decreases.a. The mean of a random sample of 25 observations from a normal population with a standard deviation of 50 is 200. Estimate the population mean with 95% confidence.b. Repeat part (a) changing the population standard ...a. A statistics practitioner would like to estimate a population mean to within 50 units with 99% confidence given that the population standard deviation is 250. What sample size should be used?b. Re-do part (a) changing the ...
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