Question

the city if akron, ohio built a new public parking garage downtown hoping to attract more shoppers downtown. the city has plans to pay for the structure theough parking fees. Alexis, the consultant hired by the city wants to estimate the average daily revenue from the parking. she randomly selected 25 weekdays and calculated the average daily fees collected to be $150. Based on data from ither parking structures, the consultant will assume daily parking fees at this parking garage has a stabdard deviation of $15. She wabts to find the 99% confidence interval for the mean daily income from parking fees of this parking garage.

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-What is the stastic x

-What is the standord deviation of the sample mean (standord error)?

-What is the critical value z* ?

-What is the margin of error?

-What is the lower confidence limit?

What is the upper confidence limit?

-If the city would like a smallee margin of error for the daily revenue from parking to be no more than $2, while keeping the same confidence level, what sample size does Alexis need to use?

Answer 1

Mean = 150

Sample size (n) = 25

Standard deviation (s) = 15

Confidence interval(in %) = 99

Critical Value

Required confidence interval

Required confidence interval = (150.0-8.3907, 150.0+8.3907)

Required confidence interval = (141.6093, 158.3907)

Lower Confidence Limit: 141.61

Upper Confidence Limit: 158.39

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