Reference no: EM131444401
1. You want to rent an unfurnished one-bedroom apartment for next semester. You take a random sample of 10 apartments advertised in the local newspaper and record the rental rates. Here are the rents (in dollars per month):
500650600505450550515495650395
a) Find a 95% confidence interval for the mean monthly rent for unfurnished one-bedroom apartments available for rent in this community.
b) If you chose 99% rather than 95% confidence, would your margin of error in the previous exercise be larger or smaller? Explain your answer and verify it by doing the calculations.
2. Describe the difference between a t-distribution with 2 degrees of freedom and a t-distribution with 20 degrees of freedom.
3. A manufacturer of small appliances employs a market research firm to estimate retail sales of its products. Here are last month's sales of electric can openers from an SRS of 20 stores in the Midwest sales region:
19 19 16 19 25 26 24 63 22 16
13 26 34 10 48 16 20 14 13 24
Find the 95% t confidence interval for the mean.
4. Other than using t instead of z, what other differences are there between constructing a z-interval and constructing a t-interval?
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: Other than using t instead of z, what other differences are there between constructing a z-interval and constructing a t-interval?
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