Now go back and examine the 1250 figure published by, Ask an Expert

Statistics

According to Runzheimer International, the average cost of a domestic trip for business travelers in the financial industry is $1,250. Suppose another travel industry research company takes a random sample of 51 business travelers in the financial industry and determines that the sample average cost of a domestic trip is $1,192, with a sample standard deviation of $279. Construct a 98% confidence interval for the population mean from these sample data. Assume that the data are normally distributed in the population. Now go back and examine the $1,250 figure published by Runzheimer International. Does it fall into the confidence interval computed from the sample data? What does it tell you?

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9102809

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

Most graduate schools of business require applicants for

Most graduate schools of business require applicants for admission to take the GMAT, the Graduate Management Admission Test. Scores on the GMAT are roughly normally distribute with a mean of 527 and a standard deviation ...

Determine the operating cash flow ocf for kleczka llc based

Determine the operating cash flow? (OCF) for? Kleczka, LLC., based on the following data. During the year the firm had sales of $2,548,000?, cost of goods sold totaled $1,802,000?, operating expenses totaled $320,000?, a ...

Data are collected on the relationship between the number

Data are collected on the relationship between the number of hours per week practicing a musical instrument and scores on a math test. The line of best fit is as follows: y = 72.5 + 2.8x. What would you predict the score ...

What is the 99 confidence interval for a sample of 52 seat

What is the 99% confidence interval for a sample of 52 seat belts that have a mean length of 85.6 inches long and a standard deviation of 3.8 inches?

A process is normally distributed with a mean of 104

A process is normally distributed with a mean of 104 rotations per minute and a standard deviation of 8.2 rotations per minute. If a randomly selected minute has 118 rotations per minute, would the process be considered ...

A survey of a random sample of 1000 smartphone owners found

A survey of a random sample of 1000 smartphone owners found that the mean daily time spent communicating on a smartphone was 131.4 minutes. From previous studies, it is assumed that the population standard deviation is 2 ...

Elle mae industries has a cash balance of 59000 accounts

Elle Mae Industries has a cash balance of $59,000, accounts payable of $195,000; inventory of $235,000; accounts receivable of $295,000; notes payable of $219,000; and accrued wages and taxes of $49,000. How much net wor ...

A measurement of etch depth has standard deviation of 2 um

A measurement of etch depth has standard deviation of 2 um. The specifications are 150 to 200 um. If k = 6, what is the P/T ratio of the measurement? Please show the formula/steps taken to receive the answer.

Let be a random variable with probability

Let be a random variable with probability function f ( x )=144/205 x^ 2 , where x =1,2,3,4. (a) Find the expected value of X (b) Find the expected value of Y =2 X +3

The following data represents rain fall x and yield of

The following data represents rain fall (x) and yield of paddy per hectare (y) in a particular area. X 113 102 95 120 140 130 125 Y 1.8 1.5 1.3 1.9 1.1 2.0 1.7 Fit the regression equation x and y. Estimate Y when x= 145. ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Statistics and Probability Expert