1) Megacorp wants to determine whether the mean of all one-day travel
expenses in Moscow exceeds $500. A simple random sample of 35 one-day
travel expenses is obtained from Megacorp travel expense files. The
average one-day Moscow expense was found to be $538 with a standard
deviation of $41.
Calculate the probability of observing a sample mean of at least $538 if
the actual population mean is $500.
Based on you answer to a, do you think the mean of all one-day travel
expenses for Megacorp employees in Moscow exceeds $500? Explain.
2) Suppose that, for the sample size of n=100 measurements, we find a
sample mean of 50 and a standard deviation of 2. Calculate confidence
intervals for the population mean with an 82% confidence level.
Statistics Homework Solutions
#8280
Probability/Confidence Level
1) Megacorp wants to determine whether the mean of all one-day travel expenses in Moscow exceeds $500. A simple random sample of 35 one-day travel expenses is obtained from Megacorp travel expense files. The average one-day Moscow expense was found to be $538 with a standard deviation of $41.
a) Calculate the probability of observing a sample mean of at least $538 if the actual population mean is $500.
b) Based on you answer to a, do you think the mean of all one-day travel expenses for Megacorp employees in Moscow exceeds $500? Explain.
2) Suppose that, for the sample size of n=100 measurements, we find a sample mean of 50 and a standard deviation of 2. Calculate confidence intervals for the population mean with an 82% confidence level.
What is this?
By OTA - Overall OTA Rating
Amrit Lal Ahuja, PhD (IP) - 4.9/5
Purchase Cost Now
$2.19 CAD (was ~$7.98)
Included in Download
- Plain text response
Why you can trust BrainMass.com
- Your Information is Secure
- Best Online Academic Help Service
- Students find real academic Success
- What do confidence intervals represent? - What do confidence intervals represent?
- Intervals - What factors contribute to the calculation of confidence intervals? What is the relationship between confidence intervals and hypothesis testing?
- Computing confidence Intervals - I need assistance in computing the confidence intervals for the attached information. Also if possible, give conclusions of information gained of the confidence intervals.
- Confidence Interval - What does it mean when you apply confidence intervals using a normal distribution?
- Confidence Intervals - What are examples in which confidence intervals are used to analyze business-related problems in general, and more specifically, problems related to operations management?
