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Homework help needed (math)?
Questions 3&4
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1 Answer
- AlanLv 71 year agoFavorite Answer
3.
for the standard error (for the mean) to be within 2 points standard error = Z_critical*population standard deviation/ sqrt(N) 2 = Z_critical* 4.8/sqrt(N)
for 90 % confidence range which goes from
5 % to 95%
P(z< Z_critical) = 0.95
so if you reverse look-up to two closest value in a z-table , you get
P(z< 1.64) = .94950
P(z< 1.65) = 0.95053
since it is almost exactly in the middle
Z_critical = 1.645 is usually used
2 = 1.645*4.8/sqrt(N)
2*sqrt(N) = 1.645*4.8
sqrt(N) = 1.645*4.8/2
square both sides
N = (1.645*4.8/2)^2 = 15.586704
since N must be an integer
N = 16
4.
If only have one point of data for an estimate of the mean
point estimate of mean = $23.45
Z_critical( for 90% confidence is same as in 3) = 1.645
N = 49
standard deviation = 2.80
so just plug in the number into the formulas
CI_Low = mean - Z_critical* standard deviation/sqrt(N)
CI_Low= 23.45 - 1.645*2.80/sqrt(49) = 23.45 -1.645*0.40= 22.792
CI_high = mean -Z_critical*standard deviation/sqrt(N)
since it's the same number
CI_High = 23.45 + 1.645*2.80/sqrt(49) = 24.108
range (22.792 , 24.108)
so if you have to round to the penny to
include
(22.79, 24.11)