Reference no: EM132844968
1A) Five Star Convenience Stores has commissioned Stats-R-Us, a statistical firm, to survey its customers in order to estimate the mean amount spent per customer. From previous records the standard deviation is believed to be σ = $5.00. In their proposal to Five Star, Stats-R-Us states that they plan to base the estimate for the mean amount spent per customer on a sample size of 100 and use a 95% confidence interval. Five Star's president has suggested that the sample size be increased to 400. If nothing else changes, what effect will this increase in the sample size have on
A) the point estimate of the mean?
B) the margin of error of estimation?
C) the confidence interval?
1B) The CEO of Five Star wants the level of confidence increased to 99%. If nothing else changes, what will this increase in level of confidence have on
D) the point estimate of the mean?
E) the margin of error of estimation?
F) the confidence interval?
2. The standard deviation of a normally distributed population is equal to 10. A sample size of 25 is selected, and its mean is found to be 95.
a.) Find an 80% confidence interval for μ.
b.) If the sample size were 100 what would be the 80% confidence interval?
c.) If the sample size was 25 but the standard deviation was 5, what would be the 80% confidence interval?
D) We are interested in estimating the mean life of a new product. How large a sample do we need to take in order to estimate the mean to within 1/10 of a standard deviation with 90% confidence?
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