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The average selling price of a smartphone purchased by a random sample of 41 customers was...

The average selling price of a smartphone purchased by a random sample of 41 customers was ​$323. Assume the population standard deviation was ​$33.

a. Construct a 90​% confidence interval to estimate the average selling price in the population with this sample.

b. What is the margin of error for this​ interval?

a. The 90% confidence interval has a lower limit of ​$ nothing and an upper limit of ​$ nothing .

Math   Statistics-And-Probability   
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Answer #1

Solution: We are given:

a. Construct a 90​% confidence interval to estimate the average selling price in the population with this sample.

Answer: The 90% confidence interval to estimate the average selling price in the population with this sample is:

Where:

is the critical value at the 0.1 significance level.

Therefore, we have:

Therefore, the 90% confidence interval has a lower limit of $314.522 and an upper limit of $331.478

b. What is the margin of error for this​ interval?

Answer: The margin of error for this interval is:

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