What is true about data sets to make confidence intervals

Reference no: EM13125264

Amazon.com claims that its textbook prices are cheaper than those offered by the local college bookstore. To test this claim, you randomly select 15 textbooks that are sold by both. Data File TEXTBOOK gives the prices for those 15 randomly selected textbooks at the local college bookstore and at Amazon.com.

a. Construct a 95% confidence interval estimate for the mean selling price of textbooks at the local bookstore.

b. Construct a 95% confidence interval estimate for the mean selling price of textbooks at Amazon.com.

c. Do the results of parts (a) and (b) support the claim made by Amazon? Explain your answer.

d. What must be true about the data sets to make the confidence intervals you constructed in parts (a) and (b) valid?

Reference no: EM13125264

Questions Cloud

Identify the important structural cost drivers for company : Identify the important structural cost drivers for the company and the related strategic issues that it should address to be competitive.

Define number of moles and conversion : Number of Moles and Conversion, a) Number of moles of carbon atoms in 0.585 moles C4H10

Conversion costs during specific month : The following costs were incurred in August: Direct materials $37,000 Direct labor 14,000 Manufacturing overhead 38,000 Selling expenses 10,000 Administrative expenses 28,000 Conversion costs during the month totaled:

Explain net ionic equations and balancing : Explain Net Ionic Equations and Balancing, These are only eight out of a fifty-three question hand out, but with eight answers to reference off of I think I'll be far more successful in my attempts at this.

What is true about data sets to make confidence intervals : What must be true about the data sets to make the confidence intervals you constructed in parts (a) and (b) valid?

What amount must niven expense as organizational costs : Niven Co., a developmental stage enterprise, incurred the following costs during its first year of operations:Legal fees for incorporation and other related matters $55,000Underwriters fees for initial stock offering 40,000Exploration costs and pu..

Solve acid mixture problem : Acid Mixture Problem, From a full 50-liter container of a 40% concentration of acid, x liters is removed and replaced with a 100% acid.

Find probability that no more than twelve reach summit : In a random sample of 16 mountain climbers who are going to attempt Mt. McKinley, what is the probability of each of the following? No more than 12 reach the summit.

Should the company accept the special order : The company is currently producing 15,000 units per month. A potential customer has contacted the firm and offered to purchase 5,000 units this month only at a price of $4.25 per unit. There would be no variable marketing costs incurred on the con..

User Account

All Pages