Marcus Brody owns a large museum containing historical artifacts. When doing inventory one year, he calculated...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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.
Expert Answer:
Related Book For
Elementary Statistics Picturing the World
ISBN: 978-0321911216
6th edition
Authors: Ron Larson, Betsy Farber
Posted Date:
Students also viewed these mathematics questions
-
A union executive wants to estimate the mean value of bonus payments made to a corporation's clerical employees in the first month of a new plan. This corporation has 52 subdivisions, and a simple...
-
Suppose that the mean value of interpupillary distance (the distance between the pupils of the left and right eyes) for adult males is 65 mm and that the population standard deviation is 5 mm. a. If...
-
Suppose that the mean value of interpupillary distance (the distance between the pupils of the left and right eyes) for adult males is 65 mm and that the population standard deviation is 5 mm. a. If...
-
You are an information technology (IT) intern working for Health Network, Inc. (Health Network), a fictitious health services organization headquartered in Minneapolis, Minnesota. Health Network has...
-
In Problems 1-3, find all first partial derivatives of each function. 1. ((x, y) = (2x - y)4 2. ((x, y) = (2x - y2)3/2 3. f(x, y)
-
Find v such that p, q, u in Prob. 21 and v are in equilibrium. Data from Prob. 21 Find the resultant in terms of components and its magnitude. p = [2, 3, 0], q = [0, 6, 1], u = [2, 0, -4]
-
In 1940, the family of Thomas Back entered into an oil-and-gas lease with the Inland Gas Corporation. The lease held that Inland would pay to Backs family 12 cents per thousand cubic feet of gas...
-
The following are internal controls that the auditor has identified for various cycles. 1. Sales invoices are matched with shipping documents and customer orders before recording in the sales...
-
KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in...
-
Arlington Corporations financial statements (dollars and shares are in millions) are provided here. a. What was net operating working capital for 2015 and 2016? b. What was Arlingtons 2016 free cash...
-
Write a Python program that does all the following steps: a. Loops through the integers 2-130 (inclusive). o Use constants to set the beginning and ending of the range. b. For each integer in the...
-
An LLP has six partners, two of whom contributed $10,000 each to the entity, and four of whom contributed $20,000 each to the entity. The LLP has a written LLP agreement, but the agreement does not...
-
Discuss the purpose of double-entry framework, the importance of maintaining the equality of the accounting equation, and suggestions for finding errors in. bookkeeping.?
-
The opening balance of one of the 31-day billing cycles for Lorenzo's credit card was $4100, but after 15 days Lorenzo made a payment of $2300 to decrease his balance, and it stayed the same for the...
-
A savings plan makes annual deposits of $4,170 each at the end of the first 2 years, followed by 6 end-of-the-year deposits of $4,920 each. The annual rate of return is 6.60%. What is the amount that...
-
Bernice is filing a joint return and qualifies to deduct student loan interest on her 2022 tax return. The modified adjusted gross income is $146,000, and her 1098-E shows $3,900 in box 1. For 2022,...
-
You measure the radius and height of a cylinder to be r=(1.80.1) cm and h=(36.20.26) cm. What is the volume of the cylinder? cm^3 (Volume) cm^3 (Uncertainty) Instead of reporting your average and...
-
Figure displays a 12.0 V battery 3 four uncharged capacitors of capacitances C1 = 4.00F, C2 = 6.00F, and C3 = 3.00F. The switch is thrown to the left side until capacitor 1 is fully charged. Then the...
-
Seventy-nine percent of workers know what their CEO looks like. You randomly select six workers and ask them whether they know what their CEO looks like. The random variable represents the number of...
-
The histogram shows the distribution of hurricanes that have hit the U.S. mainland by category, where 1 is the weakest level and 5 is the strongest level. Hurricanes That Have Hit the U.S. (a) Find...
-
The diameters of fully grown white oak trees are normally distributed, with a mean of 3.5 feet and a standard deviation of 0.2 foot, as shown in the figure. Random samples of size 16 are drawn from...
-
The force of gravity between two planets depends on their (a) planetary compositions. (b) planetary atmospheres. (c) rotational motions. (d) none of these
-
If you tossed a baseball horizontally and with no gravity, it would continue in a straight line. With gravity it falls about (a) 1 m below that line. (b) 5 m below that line. (c) 10 m below that...
-
What are the magnitude and direction of the gravitational force that acts on a professor who weighs 1000 N at the surface of Earth?
Study smarter with the SolutionInn App