Question

Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money...

Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money that people spend in thrift shops. He takes a small sample of 8 individuals and asks them to report how much money they had in their pockets the last time they went shopping at a thrift store. Here are the data:

26.98,   18.96, 16.76, 10.65,   15.14,   33.67,   13.98,   10.06.

Find the lower bound of a 98% confidence interval for the true mean amount of money individuals carry with them to thrift stores, to two decimal places. Take all calculations toward the final answer to three decimal places.


Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money that people spend in thrift shops. He takes a small sample of 8 individuals and asks them to report how much money they had in their pockets the last time they went shopping at a thrift store. Here are the data: 11, 23, 26, 28, 30, 11, 11, 28. Find the upper bound of a 95% confidence interval for the true mean amount of...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money that people spend in thrift shops. He takes a small sample of 8 individuals and asks them to report how much money they had in their pockets the last time they went shopping at a thrift store. Here are the data: 11, 23, 26, 28, 30, 11, 11, 28. Find the upper bound of a 95% confidence interval for the true mean amount of...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money that people spend in thrift shops. He takes a small sample of 8 individuals and asks them to report how much money they had in their pockets the last time they went shopping at a thrift store. Here are the data: 19.78,   18.3, 23.54, 25.43,   20.14,   30.07,   18.51,   11.57. Find the lower bound of a 98% confidence interval for the true mean amount of...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money that people spend in thrift shops. He takes a small sample of 8 individuals and asks them to report how much money they had in their pockets the last time they went shopping at a thrift store. Here are the data: 12, 31, 17, 18, 22, 36, 15, 13. Find the upper bound of a 95% confidence interval for the true mean amount of...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money that people spend in thrift shops. He takes a small sample of 8 individuals and asks them to report how much money they had in their pockets the last time they went shopping at a thrift store. Here are the data: 11.64,   42.12, 29.66, 24.14,   24.59,   28.26,   29.12,   25.68. Find the lower bound of a 98% confidence interval for the true mean amount of...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money that people spend in thrift shops. He takes a small sample of 8 individuals and asks them to report how much money they had in their pockets the last time they went shopping at a thrift store. Here is the data: 16.55, 16.65, 18.45, 19.37,   19.81,   16.11, 26,   25.5. He wishes to test the null hypothesis that the average amount of money people have...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money that people spend in thrift shops. He takes a small sample of 8 individuals and asks them to report how much money they had in their pockets the last time they went shopping at a thrift store. Here is the data: 17.24, 20.63, 26.76, 19.85,   18.24,   23.38, 29.55,   28.29. He wishes to test the null hypothesis that the average amount of money people have...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money...
Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money that people spend in thrift shops. He takes a small sample of 8 individuals and asks them to report how much money they had in their pockets the last time they went shopping at a thrift store. Here are the data: 24.14,   34.72, 18.35, 14.24,   13.48,   31.08,   16.01,   11.16. Find the lower bound of a 98% confidence interval for the true mean amount of...
question 1. A marketing specialist wants to estimate the average amount spent by visitors to an...
question 1. A marketing specialist wants to estimate the average amount spent by visitors to an online retailer's newly-designed website. From the data in a preliminary study she guesses that the standard deviation of the amount spent is about 16 dollars. How large a sample should she take to estimate the mean amount spent to within 4 dollars with 95% confidence? (Round your answer up to the next largest integer). ______ question 2. Pepsi wants to use this technique to...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT