Find a 95% condence interval for the population mean?

Assignment Help Microeconomics
Reference no: EM13174165

A college admissions officer for an MBA program has determined that
historically applicants have undergraduate grade point averages that are
normally distributed with standard deviation 0.45. From a random sample
of 25 applications from the current year, the sample mean grade point
average is 2.90.
(a) Find a 95% condence interval for the population mean?


(b) Without doing calculations, explain whether a 99% condence interval
for the population mean would be wider than, narrower than, or the
same width as found in part (a).


(c) Suppose that population standard deviation is 0.56 (instead of 0.45),
without doing calculations explain whether a 95% condence interval
for the population mean would be wider than, narrower than, or the
same width as found in part (a).


(d) Suppose that sample mean that is given in the problem is calculated
from a sample of size 40 (instead of 25), without doing calculations
explain whether a 95% condence interval for the population mean
would be wider than, narrower than, or the same width as found in
part (a).


(e) Based on these sample results, a statistician computes for the popula-

tion mean a condence interval extending from 2.81 to 2.99.

Find the confidence level associated with this interval


(f) Suppose that we know that grade point averages that are normally dis-
tributed, but we don't have the population standard deviation. From
a random sample of 25 applications from the current year, the sample
mean grade point average is 2.90, and sample standard deviation is
found to be 0.40. Find a 95% condence interval for the population
mean?

Reference no: EM13174165

Questions Cloud

Determine its empirical formula : A compound of bromine and fluorine is used to make UF6, which is an important chemical in processing and reprocessing of nuclear fuel. The compound contains 58.37% by mass of bromine. Determine its empirical formula.
Find the record that we paid for these : How should Ken have recorded each of the four events and find the record that we paid for these
The bill of rights : In reviewing the Bill of Rights, discuss which amendment has the biggest influence on businesses. Give an example to support your answer.
Alternative dispute resolution methods : Describe the advantages and disadvantages of using the U.S. court system to alternative dispute resolution methods. - Discuss how applicable dispute resolution methods are to a small-business owner and a mid-level manager of a Fortune 500 company
Find a 95% condence interval for the population mean? : Suppose that population standard deviation is 0.56 (instead of 0.45), without doing calculations explain whether a 95% condence interval for the population mean would be wider than, narrower than, or the same widt
Law and business today-legal environment of business today : Discussion1 "Law and Business Today" Please respond to the following: - Looking at the legal environment of business today, discuss where you see the law has fallen short for businesses or consumers.
Calculate the percent composition by mass : Calculate the percent composition by mass of C, H, and O in cinnamic alcohol. How many molecules of cinnamic alcohol are contained in a sample of mass 0.469g.
Calculate the mass in grams for pure silver sample : Calculate the mass in grams for pure silver sample that loses 3.10 when its temperature drops from 138 to 20.
Calculate sem pty ltds taxable income : Indicate with explanations, sections of the Acts and relevant caselaw how the Revenue and Expense items in the company's accounts are treated for tax purposes and calculate SEM Pty Ltd's taxable income for 2011/12.

Reviews

Write a Review

Microeconomics Questions & Answers

  How to increase returns of bank

Want the duration of its assets to be greater than the duration of its liabilities - a positive duration gap.Want the duration of its assets to be greater than the duration of its liabilities - a negative duration gap.

  What is the supply curve of the competitive fringe firm

Find the market price, the quantity produce and the profit of each firm and what is the number of firms in the long run equilibrium?

  Find best indifference curve and best affordable point

Assume you can only consume good X and Y out of abudget of $120. Your utility function is U = ln(X)+ln(Y ).

  Cost curves in perfect competition industry

Catfish farming in Louisiana is a perfect competition market. Hence, customers of catfish are getting their catfish at the minimum cost per unit of manufacturing catfish, and they are very happy.

  Determining cournot duopoly and pricing strategy

Assume that in the perfectly competitive industry the equilibrium industry quantity is 10,000 units. Assume that the monopoly output is 5,000. For a 2-firm Cournot Oligopoly (N =2) known as a duopoly, what is the likely Cournot QUANTITY for the in..

  How did this likely affect labours share in national income

Does an increase in the average annual labour income imply that the individual worker's labour income has increased and

  Concept of the law of diminishing returns

Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."

  Agricultural demand and innnovation

Because agricultural demand is inelastic, a technological advance which lowers production costs will reduce total revenue. Thus, farmers have no incentive to introduce such a technique.

  Law of diminishing marginal product results

Describe how the Law of Diminishing Marginal Product results in u-shaped average cost curves, both Average Total Cost and Average Variable Costs

  Calculating output, price and total revenue

Ageless Corporation has a patent for a new promising age defying moisturizer cream. The yearly demand, marginal revenue, and marginal cost functions for this cream is given:

  Question on patent system

Government involvement in general scientific research has been justified on the grounds that advances in knowledge are public goods- once produced, information can be shared at virtually no cost.

  Stockpiled lobster-price elasticity

Describe the effect of increase from 1998-1999. How would the increase in demand affect the price? How would the price effect depend upon the price elasticity of supply? Please describe how. (Explain the illustration instead of actually drawing it)

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd