Problem 2: The manager of an auto repair wants to advertise one price for an engine tune-up, with parts included. Before he decides the price to advertise, he needs a good estimate of the average cost of tune-up parts. A sample of 20 customer invoices for tune-ups has been selected and the costs of parts, rounded to the nearest dollar, are listed below. Answer the three questions below. 150 78 93 57 75 52 99 80 105 62 104 74 62 68 97 73 77 65 80 109 1) What is the point estimate for the average cost of all tune-up parts? 2) 99% confidence interval is 3) If the manager thinks the 99% confidence is too wide and wants to narrow it down, what can he do?
Problem 2: The manager of an auto repair wants to advertise one price for an engine tune-up, with parts included. Before he decides the price to advertise, he needs a good estimate of the average cost of tune-up parts. A sample of 20 customer invoices for tune-ups has been selected and the costs of parts, rounded to the nearest dollar, are listed below. Answer the three questions below. 150 78 93 57 75 52 99 80 105 62 104 74 62 68 97 73 77 65 80 109 1) What is the point estimate for the average cost of all tune-up parts? 2) 99% confidence interval is 3) If the manager thinks the 99% confidence is too wide and wants to narrow it down, what can he do?
Please need help to calculate attached questions in excel formula if possible
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Transcribed Image Text:**Problem 2:**
The manager of an auto repair shop wants to advertise one price for an engine tune-up, with parts included. Before deciding on the price to advertise, he needs a good estimate of the average cost of tune-up parts. A sample of 20 customer invoices for tune-ups has been selected, and the costs of parts, rounded to the nearest dollar, are listed below. Answer the three questions below.
Sample costs:
150, 78, 93, 57, 75, 52, 99, 80, 105, 62, 104, 74, 62, 68, 97, 73, 77, 65, 80, 109
1) What is the point estimate for the average cost of all tune-up parts?
**[Answer space]**
2) 99% confidence interval is
**([Answer space], [Answer space])**
3) If the manager thinks the 99% confidence interval is too wide and wants to narrow it down, what can he do?
**[Yellow highlighted answer space]**
---
**Explanation:**
The table lists 20 sample costs of tune-up parts, each approximately rounded to the nearest dollar. The task involves calculating the point estimate for the average cost, determining a 99% confidence interval for the mean, and exploring options for narrowing down the confidence interval if needed.
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![**Problem 2:**
The manager of an auto repair shop wants to advertise one price for an engine tune-up, with parts included. Before deciding on the price to advertise, he needs a good estimate of the average cost of tune-up parts. A sample of 20 customer invoices for tune-ups has been selected, and the costs of parts, rounded to the nearest dollar, are listed below. Answer the three questions below.
Sample costs:
150, 78, 93, 57, 75, 52, 99, 80, 105, 62, 104, 74, 62, 68, 97, 73, 77, 65, 80, 109
1) What is the point estimate for the average cost of all tune-up parts?
**[Answer space]**
2) 99% confidence interval is
**([Answer space], [Answer space])**
3) If the manager thinks the 99% confidence interval is too wide and wants to narrow it down, what can he do?
**[Yellow highlighted answer space]**
---
**Explanation:**
The table lists 20 sample costs of tune-up parts, each approximately rounded to the nearest dollar. The task involves calculating the point estimate for the average cost, determining a 99% confidence interval for the mean, and exploring options for narrowing down the confidence interval if needed.](https://content.bartleby.com/qna-images/question/d3769733-3a25-4b1b-ba3a-5ad5bcacb4e1/f79f5abe-1481-4c18-97cb-84a87ec584b3/ze2ld45_processed.png)
