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Finding appropriate z- and t-scores is important when constructing confidence intervals. Confidence intervals allow one to estimate important population parameters such as population mean, population proportion, population standard deviation, etc. We will also study how confidence intervals will let one determine how large of a sample is required in order to get within a desired error range. Thus, confidence intervals offer important real-world applications. In Part 4 of this lab (described below) you will use a population mean confidence interval to determine if the local economy is sufficient to handle a new candy-making business.
Part 3, however, focuses on finding the correct z- and t-scores for a given confidence level. You should carefully follow the examples located inside the Conf Intervals worksheet in our Lab 6 Excel file (linked above or here). Then, answer the following questions. Note that these questions are also inside the worksheet.
1. Using Excel, find the z-score that corresponds to the following Confidence Levels:
a. 80%
b. 85%
c. 92%
d. 97%
2. Using Excel, find the t-score that corresponds to the following Confidence Levels and Sample Sizes:
a. 95% with n = 25
b. 96% with n = 15
c. 97% with n = 21
d. 91% with n = 10
Historical data suggests a standard deviation in the first sample of 10 and a standard deviation in the second sample of 16. Find a 95% confidence interval for the population difference.
Use differential calculus to find both sales volume at which revenue is maximised and the maximum revenue available from sales of product X.
It is known that in a sack of mixed bean seeds, 35% are yellow beans. Use the normal approximation to the binomial distribution to find the probability that in a sample of 400 beans there are
Rose's garden is a square with sides of length x feet. Next spring she plans to make it rectangular by lengthening one side 5 feet and shortening the other side by 5 feet. What polynomial represents the new area?
Suppose the world series is about to begin. Some people get together and each decide to predict different win-loss patterns for the seven possible games during the coming series.
If p is the probability of Event 1 and (1-p) is the probability of Event 2, based on the expected returns, for what values of p would you select A? B? C? Values in the table are payoffs.
Does the confidence interval contain the value of 35 mm, which is believed to be the standard deviation of sitting heights of women?
For a normal distribution, the probability of randomly selecting a z-score greater than z = -2.00 is p = .0228.
A Manager needs to decide between two machines to put into market following a Weibull distribution. Machine X test unit cost $3000 with beta=3 and theta=500 Machine Y test unit cost $2000 with beta=3 and theta=400
What is the probability that the number of granite selected for analysis is within 1 standard deviation of it means value.
Two popular drugs used for the treatment of depression are Resithan and Exemor. A random sample of 588 depressed individuals is selected and treated with Resithan, and 201 find relief from their depression.
The accompanying two histograms represent the distribution of acceptance rates (percent accepted) among 25 business schools in 1995. The histograms use different class intervals, but are based on the same data. In each class interval, the left endpoi..
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