(a) A Medical Agency has provided records of the population mean and variance of the price...

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(a) A Medical Agency has provided records of the population mean and variance of the price of a medicine. In view of planning the budget, a medical Centre wishes to determine the minimum and maximum prices of the medicine. You are required to advise the manager of the medical Centre on how to proceed, using a numerical example, A normal distribution is supposed. Around 50-100 words excluding calculations (7 marks) (b) A Bank wishes to determine the mean income of its credit card holders and more specifically wants to investigate whether there are any differences in the mean income between males and females. Confidence interval as a statistical inference method has been considered to respond this objective. You are required to 1. Comment on the choice of confidence intervals as a statistical inference method for the above. (3 marks) 2. Describe how you will proceed to determine the corresponding confidence intervals. marks) (5 3. Explain how you would use confidence intervals as evidence suggesting that in average males and females income differ. (5 marks) Use Numerical examples to illustrate as and when required. (a) A Medical Agency has provided records of the population mean and variance of the price of a medicine. In view of planning the budget, a medical Centre wishes to determine the minimum and maximum prices of the medicine. You are required to advise the manager of the medical Centre on how to proceed, using a numerical example, A normal distribution is supposed. Around 50-100 words excluding calculations (7 marks) (b) A Bank wishes to determine the mean income of its credit card holders and more specifically wants to investigate whether there are any differences in the mean income between males and females. Confidence interval as a statistical inference method has been considered to respond this objective. You are required to 1. Comment on the choice of confidence intervals as a statistical inference method for the above. (3 marks) 2. Describe how you will proceed to determine the corresponding confidence intervals. marks) (5 3. Explain how you would use confidence intervals as evidence suggesting that in average males and females income differ. (5 marks) Use Numerical examples to illustrate as and when required.

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a The manager of the medical center can use the population mean and variance to determine the minimum and maximum prices of the medicine The populatio... View the full answer