Marcus Brody owns a large museum containing historical artifacts. When doing inventory one year, he calculated...
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Marcus Brody owns a large museum containing historical artifacts. When doing inventory one year, he calculated that the mean value of ALL items in the museum was $US 10,000. A new employee know: Marcus doesn't have the greatest memory, so taking a random sample of 16 items he reported a 90% confidence interval for the average price to be (9392.050, 9917.950). Assume all the required assumptions are satisfied. a) (1 mark) What is the critical value used in this confidence interval? c) (2 marks) What is the sample standard deviation from this sample? d) (5 marks) Is there sufficient evidence, at the 1% significance level, to conclude that Marcus' claim is incorrect? Carry out the most appropriate test. Marcus Brody owns a large museum containing historical artifacts. When doing inventory one year, he calculated that the mean value of ALL items in the museum was $US 10,000. A new employee know: Marcus doesn't have the greatest memory, so taking a random sample of 16 items he reported a 90% confidence interval for the average price to be (9392.050, 9917.950). Assume all the required assumptions are satisfied. a) (1 mark) What is the critical value used in this confidence interval? c) (2 marks) What is the sample standard deviation from this sample? d) (5 marks) Is there sufficient evidence, at the 1% significance level, to conclude that Marcus' claim is incorrect? Carry out the most appropriate test.
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Related Book For
Elementary Statistics Picturing the World
ISBN: 978-0321911216
6th edition
Authors: Ron Larson, Betsy Farber
Posted Date:
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