Conclusion of evidence using normal distribution

Reference no: EM1315557

Q1) Market research firm wishes to conduct survey to evaluate average amount spent by visitors to within $20. History tells us population standard deviation is $398.

a) How large does my random sample size (n) require to be at 95% confidence interval?

b) How large does my random sample size (n) require to at 98% confidence interval?

Q2) A researcher claims average Hotel Rate in San Diego CA is $156/night in the month of November 2009. You think this is low, and wish to prove average rate is higher, so you arbitrarily gather sample of 25 data points from different hotels on random dates in that month. You determine the average rate of 168 with standard deviation of 30. By using significance level a = .05, and suppose a normal distribution what does evidence conclude?

Reference no: EM1315557

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