Suppose that, for budget planning purposes, the city in the previous exercise needs a better estimate of the mean daily income from parking fees. a) Someone suggests that the city use its data to create a 95% confidence interval instead of the 90% interval first created. How would this interval be better for the city? (You need not actually create the new interval.) b) How would the 95% interval be worse for the planners? c) How could they achieve an interval estimate that would better serve their planning needs?

Suppose that, for budget planning purposes, the city in the previous exercise needs a better estimate of the mean daily income from parking fees. a) Someone suggests that the city use its data to create a 95% confidence interval instead of the 90% interval first created. How would this interval be better for the city? (You need not actually create the new interval.) b) How would the 95% interval be worse for the planners? c) How could they achieve an interval estimate that would better serve their planning needs?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.3: Measures Of Spread

Problem 1GP

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Question

Suppose that, for budget planning purposes, the city in the previous exercise needs a better estimate of the mean daily income from parking fees.

a) Someone suggests that the city use its data to create a 95% confidence interval instead of the 90% interval first created. How would this interval be better for the city? (You need not actually create the new interval.)
b) How would the 95% interval be worse for the planners?
c) How could they achieve an interval estimate that would better serve their planning needs?

Definition Definition Method in statistics by which an observation’s uncertainty can be quantified. The main use of interval estimating is for describing a range that is made by transforming a point estimate by determining the range of values, or interval within which the population parameter is likely to fall. This range helps in measuring its precision.

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