Find reasonable idealized population that sample represents

Assignment Help Basic Statistics

Reference no: EM131808459

Question: You have landed nine sales contracts with an average price of $3,782 and a standard deviation of $1,290.

a. Identify a reasonable idealized population that this sample represents.

b. If the distribution of sales prices is heavily skewed, would it be appropriate to construct the usual two-sided 95% confidence interval? Why or why not?

c. Assume now that the distribution of sales prices is only slightly skewed and not too different from a normal distribution. Compute the usual two-sided 95% confidence interval, and interpret it carefully in terms of your long-term prospects at this job. Be sure to address both the useful information and the limitations of the confidence interval in this situation.

d. Find the two-sided 90% prediction interval for the sales price of the next contract you land, assuming that conditions will remain essentially unchanged.

Reference no: EM131808459

Questions Cloud

Eeview the owasp top ten web application security risks : Go to the Open Web Application Security Project (OWASP) Website and review the OWASP top 10 Web Application Security Risks.

Differentiate between absorption and marginal costing : Differentiate between Absorption costing and Marginal costing. Prepare flexible budget for production of 16,000 units and 12,000 units.

Describe the role of technology in the webvan model : Describe the role of technology in the Webvan model. What Webvan problems could computer technology solve, and what could it not solve?

Official unemployment rate : Explain how the number of "discouraged workers" (unemployed workers leaving the labor force) affects the official unemployment rate.

Find reasonable idealized population that sample represents : You have landed nine sales contracts with an average price of $3,782 and a standard deviation of $1,290. Identify a reasonable idealized population.

Develop the business models amazon : Identify and develop the business models Amazon currently have in place and where/how Amazon make its money

List the tools used by the federal reserve : A) List the tools used by the Federal Reserve to expand and contract the money supply and clearly explain how they work.

Write one opportunity register for an opportunity : Write one opportunity register for an opportunity for any type of business you'd like to pursue; if you want to keep it simple,

Economy grows at an annual rate : An economy grows at an annual rate of 3% It will take approximately years for GDP to double. (Round your answer to the nearest whole number.)

User Account

All Pages