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Statistics for Business and Economics Study Set 4
Quiz 6: Inferences Based on a Single Sample: Estimation With Confidence Intervals
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Question 41
Multiple Choice
A random sample of 4000 U.S. citizens yielded 2280 who are in favor of gun control legislation. Find the point estimate for estimating the proportion of all Americans who are in favor of gun control legislation.
Question 42
Essay
Let t0 be a particular value of t. Find a value of
t
0
such that
P
(
t
≤
t
0
)
=
.
005
where
d
f
=
9
.
t _ { 0 } \text { such that } P \left( t \leq t _ { 0 } \right) = .005 \text { where } d f = 9 \text {. }
t
0
such that
P
(
t
≤
t
0
)
=
.005
where
df
=
9
.
Question 43
Essay
You are interested in purchasing a new car. One of the many points you wish to consider is the resale value of the car after 5 years. Since you are particularly interested in a certain foreign sedan, you decide to estimate the resale value of this car with a 95% confidence interval. You manage to obtain data on 17 recently resold 5-year-old foreign sedans of the same model. These 17 cars were resold at an average price of $13,200 with a standard deviation of $700. Create a 95% confidence interval for the true mean resale value of a 5-year-old car of that model.
Question 44
Essay
For
n
=
800
and
p
^
=
.
99
, is the sample size large enough to construct a confidence for
p
?
\text { For } n = 800 \text { and } \hat { p } = .99 \text {, is the sample size large enough to construct a confidence for } p \text { ? }
For
n
=
800
and
p
^
=
.99
, is the sample size large enough to construct a confidence for
p
?
Question 45
Essay
Let
t
0
t _ { 0 }
t
0
be a particular value of
t
t
t
. Find a value of
t
0
t _ { 0 }
t
0
such that
P
(
t
≤
t
0
P \left( t \leq t _ { 0 } \right.
P
(
t
≤
t
0
or
t
≥
t
0
)
=
.
1
\left. t \geq t _ { 0 } \right) = .1
t
≥
t
0
)
=
.1
where
d
f
=
\mathrm { df } =
df
=
14 .
Question 46
Multiple Choice
A random sample of 250 students at a university finds that these students take a mean of 15.3 credit hours per quarter with a standard deviation of 1.6 credit hours. Estimate the mean credit hours taken by a student each quarter using a 95% confidence interval. Round to the nearest thousandth.
Question 47
Multiple Choice
A university dean is interested in determining the proportion of students who receive some sort of financial aid. Rather than examine the records for all students, the dean randomly selects 200 students and finds that 118 of them are receiving financial aid. If the dean wanted to estimate the proportion of all students receiving financial aid to within 1% with 90% reliability, how many Students would need to be sampled?
Question 48
Essay
Suppose you selected a random sample of n = 7 measurements from a normal distribution. Compare the standard normal z value with the corresponding t value for a 90% confidence interval.