MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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4) A sample of 100 new cars sold in the USA shows that the mean price was $25,500.
The standard deviation was $4,200.
a) Find a 95% confidence for the mean price
b) If we got the same information with a sample of 64 what effect if any
would that have had on the length of the confidence interval
c) The Automobile Retailers Association claims that the mean price is
$23,000. Do we reject their claim? Explain your answer briefly.
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Transcribed Image Text:4) A sample of 100 new cars sold in the USA shows that the mean price was $25,500. The standard deviation was $4,200. a) Find a 95% confidence for the mean price b) If we got the same information with a sample of 64 what effect if any would that have had on the length of the confidence interval c) The Automobile Retailers Association claims that the mean price is $23,000. Do we reject their claim? Explain your answer briefly.
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