Estimate the population mean value

Assignment Help Applied Statistics

Reference no: EM132271283

Project -

For Project please solve each one of the problems in R.

Create the corresponding code in RMD and submit both your RMD and the produced HTML.

Problem 1 - Some fast-food chains offer a lower-priced combination meal in an effort to attract budget-conscious customers. One chain test-marketed a burger, fries and a drink combination for $1.71. The weekly sales volume for these meals was impressive. Suppose the chain wants to estimate the average amount its customers spent on a meal at their restaurant while this combination offer was in effect. An analyst gathers data from 28 randomly selected customers.

The following data represent the sample meal totals.

Use these data to construct a 90% confidence interval to estimate the population mean value. Assume the amounts spent are normally distributed.

Problem 2 - Use the following data to construct a 99% confidence interval for μ.

16.417.117.015.616.2

14.816.015.617.317.4

15.615.717.216.616.0

15.315.416.015.817.2

14.615.514.916.716.3

Assume x is normally distributed. What is the point estimate for μ?

Redo the problem to construct a 95% confidence interval? Compare the two intervals and share your observations.

Problem 3 - A survey was undertaken by Bruskin/Goldring Research for Quicken to determine how people plan to meet their financial goals in the next year.

Respondents were allowed to select more than one way to meet their goals. Thirty-one percent said that they were using a financial planner to help them meet their goals. Twenty-four percent were using family/friends to help them meet their financial goals, followed by broker/accountant (19%), computer software (17%), and books (9%). Suppose another researcher takes a similar survey of 600 people to test these results. If 200 people respond that they are going to use a financial planner to help them meet their goals, is this proportion enough evidence to reject the 31% figure generated in the Bruskin/Goldring survey using α = .10? If 158 respond that they are going to use family/friends to help them meet their financial goals, is this result enough evidence to declare that the proportion is significantly higher than Bruskin/Goldring's figure of .24 if α = .05?

Problem 4 - Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline is $3.76. You believe that the figure is higher in your area of the country. You decide to test this claim for your part of the United States by randomly calling gasoline stations. Your random survey of 25 stations produces the following prices.

$3.87 $3.89 $3.76 $3.80 $3.97

3.80 3.83 3.79 3.80 3.84

3.76 3.67 3.87 3.69 3.95

3.75 3.83 3.74 3.65 3.95

3.81 3.74 3.74 3.67 3.70

Assume gasoline prices for a region are normally distributed. Do the data you obtained provide enough evidence to reject the null hypothesis? Use a 1% level of significance.

Note - To be solved using R.

Reference no: EM132271283

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