Find reasonable idealized population that sample represents

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

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