As part of their business promotional package, the Milwaukee Chamber of Commerce would like an estimate of
Question:
As part of their business promotional package, the Milwaukee Chamber of Commerce would like an estimate of the mean cost per month to lease a one-bedroom apartment. The mean cost per month for a random sample of 40 apartments currently available for lease is $1,147. The standard deviation of the sample is $50.
a. What is the point estimate of the population mean?
b. What is the point estimate of the population standard deviation?
c. What is the margin of error for a 98% confidence interval estimate?
d. Would it be reasonable to conclude that the population mean is $1,250 per month?
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a The sample mean 1147 is the point estimate of the populatio...View the full answer
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Related Book For 
Statistical Techniques In Business And Economics
ISBN: 9781260239478
18th Edition
Authors: Douglas Lind, William Marchal, Samuel Wathen
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