Does the confidence interval include the population mean

Assignment Help Business Economics

Reference no: EM131000841

Assume that the price of housing in Corpus Christi is normally distributed. Based on our random sample of 23 houses we surveyed, we calculated that x = $299,756.2 with the standard deviation s = 107.11. If we know that the population mean, mu = 299,710.5. Calculate the 99 percent confidence interval; does the confidence interval include the population mean?

Reference no: EM131000841

Questions Cloud

Evaluate capacity of the most common distribution channels : Evaluate the capacity of the most common distribution channels available for the new product launch to provide consumers with easier access to the product. Speculate on the extent to which Golds Reling, Inc. could use each channel to meet profit goal..

Purchasing decision exercise : In class we discussed how companies go about making decisions related to important purchases. One method of making an informed purchasing decision is total value sometimes call life-cycle costing. You are a sales person for Sherwin-Williams and sell ..

Economic perspective-the politician is spouting gibberish : The politician wants to allocate spending so that schools may purchase new and expensive metal detectors for school entryways. At the dedication he says ‘spending this money will be worth it if this machine saves even one life”. Having taken an econo..

Which good is likely to have more elastic demand : Which good is likely to have more elastic demand: soda or new cars? Explain your answer, also assume that all brands of each good experience a price change.

Does the confidence interval include the population mean : Assume that the price of housing in Corpus Christi is normally distributed. Based on our random sample of 23 houses we surveyed, we calculated that x = $299,756.2 with the standard deviation s = 107.11. If we know that the population mean, mu = 299,7..

Substitution between visiting gym and consuming all goods : Hulk goes to the gym 20 times a month. His income is $1000 per month and his visits to the gym cost $4 per visit. For simplicity, assume all other goods that Hulk consumes besides the gym costs $10 each. Assume Hulk exhibits diminishing marginal rate..

Present worth of saving to utility between old and contracts : El Paso Water Utilities (EPWU) purchases surface water for treatment and distribution to EPWU customers from El Paso County Water Improvement District during the irrigation season. A new contract between the two entities resulted in a reduction in fu..

What is non-neutral technical change : What is neutral technical? What is non-neutral technical change? Suggest a specific example of nonneutral technical change that occurred in the US. In England until 1950, many homes were heated by burning coal in a fireplace; now most homes are heate..

Measure of natural resources used in production : Consider a production function of the form Y = AF (K, N, Z), where Z is a measure of natural resources used in production. Assume this production function has constant returns to scale and diminishing returns in each factor. What will happen to outpu..

User Account

All Pages