The accompanying data represent the total travel tax (in dollars) for a 3-day business trip in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The accompanying data represent the total travel tax (in dollars) for a 3-day business trip in 8 randomly selected cities. A normal probability plot suggests the data could come from a population that is normally distributed. A boxplot indicates there are no outliers. Complete parts (a) through (c) below. 68.87 78.25 70.44 84.67 79.79 86.33 100.24 98.26 Click the icon to view the table of critical t-values. (a) Determine a point estimate for the population mean travel tax. A point estimate for the population mean travel tax is $83.36 (Round to two decimal places as needed.) (b) Construct and interpret a 95% confidence interval for the mean tax paid for a three-day business trip. Select the correct choice below and fill in the answer boxes to complete your choice. (Round to two decimal places as needed.) OA. The lower bound is $ OB. The lower bound is $ OC. The lower bound is $ ⒸD. The lower bound is $ and the upper bound is $ and the upper bound is $ and the upper bound is $ One can be % confident that all cities have a travel tax between these values. The travel tax is between these values for % of all cities. There is a % probability that the mean travel tax for all cities is between these values. and the upper bound is $. One can be [95% confident that the mean travel tax for all cities is between these values. (c) What would you recommend to a researcher who wants to increase the precision of the interval, but does not have access to additional data? OA. The researc could decrease the level of confidence. OB. The researcher could decrease the sample standard deviation. OC. The researcher could increase the level of confidence. O D. The researcher could increase the sample mean. The accompanying data represent the total travel tax (in dollars) for a 3-day business trip in 8 randomly selected cities. A normal probability plot suggests the data could come from a population that is normally distributed. A boxplot indicates there are no outliers. Complete parts (a) through (c) below. 68.87 78.25 70.44 84.67 79.79 86.33 100.24 98.26 Click the icon to view the table of critical t-values. (a) Determine a point estimate for the population mean travel tax. A point estimate for the population mean travel tax is $83.36 (Round to two decimal places as needed.) (b) Construct and interpret a 95% confidence interval for the mean tax paid for a three-day business trip. Select the correct choice below and fill in the answer boxes to complete your choice. (Round to two decimal places as needed.) OA. The lower bound is $ OB. The lower bound is $ OC. The lower bound is $ ⒸD. The lower bound is $ and the upper bound is $ and the upper bound is $ and the upper bound is $ One can be % confident that all cities have a travel tax between these values. The travel tax is between these values for % of all cities. There is a % probability that the mean travel tax for all cities is between these values. and the upper bound is $. One can be [95% confident that the mean travel tax for all cities is between these values. (c) What would you recommend to a researcher who wants to increase the precision of the interval, but does not have access to additional data? OA. The researc could decrease the level of confidence. OB. The researcher could decrease the sample standard deviation. OC. The researcher could increase the level of confidence. O D. The researcher could increase the sample mean.
Expert Answer:
Related Book For
Statistics Informed Decisions Using Data
ISBN: 978-0134133539
5th edition
Authors: Michael Sullivan III
Posted Date:
Students also viewed these mathematics questions
-
Determine the point estimate of the population mean and margin of error if the condence interval has lower bound: 125.8 and upper bound: 152.6.
-
The accompanying data represent one-way commuting times (minutes) for a simple random sample of 15 persons who work at a large assembly plant. The data are also in file XR09082. Assuming an...
-
A random variable Z that is normally distributed with mean = 0 and standard deviation = 1 is said to have the ________.
-
On November 1, 2018, the following were the account balances of Mountain Equipment Repair Limited. Mountains year-end is October 31 and it records adjusting entries monthly. Enter the November 1...
-
Determine the monthly payment for a thirty-year real estate loan with an annual percentage rate of 8.5% and an initial principal of $200,000. How much interest is paid over the life of the loan?
-
What actions must a director or officer take to avoid liability when a corporation enters into a contract or engages in a transaction in which an officer or director has a material interest?
-
Explain the difference between an asset and an expense in conventional financial accounting. Are pollution permits an asset? Comment on the view that letting companies hold pollution allowances as...
-
Lloyd Industries manufactures electrical equipment from specifications received from customers. Job X10 was for 1,000 motors to be used in a specially designed electrical complex. The following costs...
-
VEC Inc. currently has 1450000 zero coupon bonds outstanding, each with a face value of $1,000. The bonds have a maturity of 4 years and they are traded in the market at 87% of par. If the tax rate...
-
Sundream Travel Agency Ltd. is a company that sells vacation packages and has a new Chief Executive Officer (CEO) who is reviewing the draft December 31 year-end financial statements prepared by the...
-
The authors, Machuga and Smith (2013), present in the article a multidisciplinary case-method approach to help students who want to start a successful business understand the steps necessary to...
-
When hiring a member of a team, each team member should have equal say in who is hired. Do you agree or disagree? Explain.
-
The idea of having to go through a checklist in your job may sound a little demeaning. Isnt that what fast food restaurants use to train low-skilled employees what to do, step by step? That may be...
-
Contrast work samples with the assessment center.
-
How do financial and nonfinancial rewards differ?
-
Why should HRM conduct a background investigation?
-
Heaps are the structure of choice for the implementation of which other data structure? (a) Queues (b) Stacks (c) Priority Queues (d) Graphs (e) Binary Search Trees
-
Why is disclosure of depreciation or amortization methods and rates so important?
-
In general, how do parametric tests differ from nonparametric tests? For each nonparametric test listed in this chapter, identify the corresponding parametric test and explain the difference between...
-
The median length of stay for male substance-abuse outpatient treatment completers is 105 days. The following data represent the length of stays for a random sample of female substance-abuse...
-
Provide a definition using your own words. 1. Statistics 2. Population 3. Sample 4. Observational study 5. Designed experiment
-
The box frame is subjected to a uniform distributed loading \(w\) along each of its sides. Determine the moment developed in each corner. Neglect the deflection due to axial load. EI is constant. E A...
-
Using a job board on the Web, list and briefly describe five positions in your field in your state. What skills, experience, and background does each position require? What is the salary range for...
-
As the manager of an electronics retail store, you guarantee that you will not be undersold. If a customer finds another retailer selling the same equipment at a lower price within one month of his...
Study smarter with the SolutionInn App