Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Statistics and Probability Expert

Statistics


Home >> Statistics and Probability

Problem - Confidence interval mistakes and misunderstandings. Suppose that 101 randomly selected members of the Karaoke Channel were asked how much time they typically spend on the site during the week.5 The sample mean x was found to be 4.2 hours, and the sample standard deviation was s = 2.5 hours

(a) Cary Oakey computes the 95% confidence interval for the average time on the site as 4.2 ± 1.984(2.5/101). What is his mistake?

(b) He corrects this mistake and then states that "95% of the members spend between 3.71 and 4.69 hours a week on the site." What is wrong with his interpretation of this interval?

(c) The margin of error is slightly less than half an hour. To reduce this to 15 minutes, Cary says that the sample size needs to be doubled to 202. What is wrong with this statement?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M92554629
  • Price:- $20

Priced at Now at $20, Verified Solution

Have any Question?


Related Questions in Statistics and Probability

Two fair dice are rolled and the sum of the points is noted

Two fair dice are rolled and the sum of the points is noted. Find the probability that the sum is 6 given that at least one of the numbers is less than 3.

The speed of cars on a stretch of road is normally

The speed of cars on a stretch of road is normally distributed with an average 42 miles per hour with a standard deviation of 5.9 miles per hour. What is the probability that a randomly selected car is violating the spee ...

Suppose that in a random sample of 100 men between the ages

Suppose that, in a random sample of 100 men between the ages of 60 and 79, you found that 20 had heart disease. According to the central limit theorem, the sample proportion arises from a sampling distribution that is no ...

New varieties of corn with altered amino acid content are

New varieties of corn with altered amino acid content are being investigated for higher nutritional content. The two new varieties, opaque-2 and floury-2, were to be compared to the normal corn. Also different levels of ...

Rand corporation has a 00 probability of a return of 06 a

Rand Corporation has a 0.0 probability of a return of 0.6, a 0.3 probability of a rate of return of 0.05, and the remaining probability of a 0.92 rate of return. What is the expected rate of return of Rand Corporation?

50 of the cars in a dealer lot are red 20 are black and 16

50% of the cars in a dealer lot are red, 20% are black, and 16% are white. The remainder are some other unspecified color. Salespersons randomly shows three cars to three different customers. What is the probability the ...

Suppose that college science textbooks on average cost 225

Suppose that college science textbooks on average cost 225 dollars with a standard deviation of 45 dollars. Suppose that a random sample of 40 college science textbooks was taken. Find the probability that the sample mea ...

Your supervisor comes to you and says she would like a

Your supervisor comes to you and says she would like a marketing research study. She says there is a budget of $30,000. She would like to conduct a simple random sample of consumers interested in using the services of th ...

A puck company wants to sponsor the players with the 20

A puck company wants to sponsor the players with the 20% quickest goals in hockey games. The times of first goals are normally distributed with a mean of 8.54 minutes and a standard deviation of 4.91 minutes. How fast wo ...

A 54 percent corporate coupon bond is callable in ten years

A 5.4 percent corporate coupon bond is callable in ten years for a call premium of one year of coupon payments. Assuming a par value of $1,000, what is the price paid to the bondholder if the issuer calls the bond? Amoun ...

  • 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved