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You are opening your own wedding planning business and are conducting some market research. According to The Knot Real Weddings Study, the average cost of a wedding in the U.S. is $35,000. You are skeptical about whether these numbers apply to the Piedmont Triad area—your target market and so you decide to conduct your own survey. After randomly sampling 40 recently married couples, you find an average cost of $32,000 with a standard deviation of $10,000. 1. Find the 90% confidence interval for the mean wedding cost in the Piedmont Triad. a. What is the point estimate of the mean wedding cost for the Piedmont Triad? 32,000 b. Find the standard error of the mean. 1,581.1388 c. Find the critical value. (You'll need to decide whether to use a z-score or a t-score.) 2.0227 d. Put it together to find the confidence interval.

You are opening your own wedding planning business and are conducting some market research. According to The Knot Real Weddings Study, the average cost of a wedding in the U.S. is $35,000. You are skeptical about whether these numbers apply to the Piedmont Triad area—your target market and so you decide to conduct your own survey. After randomly sampling 40 recently married couples, you find an average cost of $32,000 with a standard deviation of $10,000. 1. Find the 90% confidence interval for the mean wedding cost in the Piedmont Triad. a. What is the point estimate of the mean wedding cost for the Piedmont Triad? 32,000 b. Find the standard error of the mean. 1,581.1388 c. Find the critical value. (You'll need to decide whether to use a z-score or a t-score.) 2.0227 d. Put it together to find the confidence interval.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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I need the answers to 1D, 2 and 3.

3. Interpret the 90% confidence interval for the mean wedding cost in the Piedmont Triad. Does the interval include the average for the U.S.? Would you conclude that the cost of weddings in the Piedmont Triad is different from the rest of the U.S.?
Transcribed Image Text:3. Interpret the 90% confidence interval for the mean wedding cost in the Piedmont Triad. Does the interval include the average for the U.S.? Would you conclude that the cost of weddings in the Piedmont Triad is different from the rest of the U.S.?
You are opening your own wedding planning business and are conducting some market research. According to The Knot Real Weddings Study, the average cost of a wedding in the U.S. is $35,000. You are skeptical about whether these numbers apply to the Piedmont Triad area—your target market and so you decide to conduct your own survey. After randomly sampling 40 recently married couples, you find an average cost of $32,000 with a standard deviation of $10,000. 1. Find the 90% confidence interval for the mean wedding cost in the Piedmont Triad. a. What is the point estimate of the mean wedding cost for the Piedmont Triad? 32,000 b. Find the standard error of the mean. 1,581.1388 c. Find the critical value. (You'll need to decide whether to use a z-score or a t-score.) 2.0227 d. Put it together to find the confidence interval.
Transcribed Image Text:You are opening your own wedding planning business and are conducting some market research. According to The Knot Real Weddings Study, the average cost of a wedding in the U.S. is $35,000. You are skeptical about whether these numbers apply to the Piedmont Triad area—your target market and so you decide to conduct your own survey. After randomly sampling 40 recently married couples, you find an average cost of $32,000 with a standard deviation of $10,000. 1. Find the 90% confidence interval for the mean wedding cost in the Piedmont Triad. a. What is the point estimate of the mean wedding cost for the Piedmont Triad? 32,000 b. Find the standard error of the mean. 1,581.1388 c. Find the critical value. (You'll need to decide whether to use a z-score or a t-score.) 2.0227 d. Put it together to find the confidence interval.
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4. Find the 95% confidence interval for the mean wedding cost for the Piedmont Triad. How does it compare to the 90% confidence interval (narrower or wider)? Does your conclusion about the Piedmont Triad being different change? 5. Suppose you wanted to keep the confidence level at 90%, but you wanted to decrease the width of the interval. How could you do this?
Transcribed Image Text:4. Find the 95% confidence interval for the mean wedding cost for the Piedmont Triad. How does it compare to the 90% confidence interval (narrower or wider)? Does your conclusion about the Piedmont Triad being different change? 5. Suppose you wanted to keep the confidence level at 90%, but you wanted to decrease the width of the interval. How could you do this?
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Follow-up Question
4. Find the 95% confidence interval for the mean wedding cost for the Piedmont Triad. How does it compare to the 90% confidence interval (narrower or wider)? Does your conclusion about the Piedmont Triad being different change? 5. Suppose you wanted to keep the confidence level at 90%, but you wanted to decrease the width of the interval. How could you do this?
Transcribed Image Text:4. Find the 95% confidence interval for the mean wedding cost for the Piedmont Triad. How does it compare to the 90% confidence interval (narrower or wider)? Does your conclusion about the Piedmont Triad being different change? 5. Suppose you wanted to keep the confidence level at 90%, but you wanted to decrease the width of the interval. How could you do this?
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