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BA 276: Essentials of Statistics for Business and Economics
I will give 3 million gold (per problem, 3 in all) to the first person who gives me the correct answer to this problem. Please don't post if you aren't positive. I need the answer by midnight tonight (7 hours from post). I have one guess left so it has to be a right answer.
Problem 1:
{Exercise 8.17}
The International Air Transport Association surveys business travelers to develop quality ratings for transatlantic gateway airports. The maximum possible rating is 10. Suppose a simple random sample of 50 business travelers is selected and each traveler is asked to provide a rating for the Miami International Airport. The ratings obtained from the sample of 50 business travelers follow.
Excel or Minitab users: The data set is available in file named Miami. All data sets can be found in your eBook or on your Student CD.
6 4 6 8 7 7 6 3 3 8 10 4 8
7 8 7 5 9 5 8 4 3 8 5 5 4
4 4 8 4 5 6 2 5 9 9 8 4 8
9 9 5 9 7 8 3 10 8 9 6
Develop a 95% confidence interval estimate of the population mean rating for Miami (to 2 decimals).
95% Confidence:
Problem 2:
{Exercise 8.21}
Complaints about rising prescription drug prices caused the U.S. Congress to consider laws that would force pharmaceutical companies to offer prescription discounts to senior citizens without drug benefits. The House Government Reform Committee provided data on the prescription cost for some of the most widely used drugs (Newsweek, May 8, 2000). Assume the following data show a sample of the prescription cost in dollars for Zocor, a drug used to lower cholesterol.
110 112 115 99 100 98 104 126
Given a normal population, what is the 95% confidence interval estimate of the population mean cost for a prescription of Zocor (to 2 decimals)?
95% Confidence:
Problem 3:
{Exercise 8.27}
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $45,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. What is the planning value for the population standard deviation (0 decimals)?
How large a sample should be taken if the desired margin of error is as shown below (0 decimals)?
a. $500?
b. $200?
c. $100?
I will give 3 million gold (per problem, 3 in all) to the first person who gives me the correct answer to this problem. Please don't post if you aren't positive. I need the answer by midnight tonight (7 hours from post). I have one guess left so it has to be a right answer.
Problem 1:
{Exercise 8.17}
The International Air Transport Association surveys business travelers to develop quality ratings for transatlantic gateway airports. The maximum possible rating is 10. Suppose a simple random sample of 50 business travelers is selected and each traveler is asked to provide a rating for the Miami International Airport. The ratings obtained from the sample of 50 business travelers follow.
Excel or Minitab users: The data set is available in file named Miami. All data sets can be found in your eBook or on your Student CD.
6 4 6 8 7 7 6 3 3 8 10 4 8
7 8 7 5 9 5 8 4 3 8 5 5 4
4 4 8 4 5 6 2 5 9 9 8 4 8
9 9 5 9 7 8 3 10 8 9 6
Develop a 95% confidence interval estimate of the population mean rating for Miami (to 2 decimals).
95% Confidence:
Problem 2:
{Exercise 8.21}
Complaints about rising prescription drug prices caused the U.S. Congress to consider laws that would force pharmaceutical companies to offer prescription discounts to senior citizens without drug benefits. The House Government Reform Committee provided data on the prescription cost for some of the most widely used drugs (Newsweek, May 8, 2000). Assume the following data show a sample of the prescription cost in dollars for Zocor, a drug used to lower cholesterol.
110 112 115 99 100 98 104 126
Given a normal population, what is the 95% confidence interval estimate of the population mean cost for a prescription of Zocor (to 2 decimals)?
95% Confidence:
Problem 3:
{Exercise 8.27}
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $45,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. What is the planning value for the population standard deviation (0 decimals)?
How large a sample should be taken if the desired margin of error is as shown below (0 decimals)?
a. $500?
b. $200?
c. $100?