Question

In: Statistics and Probability

Assume the car expert requested estimates of the mean number of days to sell for the Domestic cars

 

6 Assume the car expert requested estimates of the mean number of days to sell for the Domestic cars with a margin of error of seven days and the mean number of days of Foreign cars with a margin of error of eight days. Using 98% confidence, how large should the sample sizes be for each?

7 Suppose a Domestic car has a list price of $30,000 and a Foreign car has a list price of $30,000. What is your estimate of the final selling price (based on the percent difference for the sale and list price) and number of days required to sell each of these cars?

  Domestic Cars   Foreign Cars
Car List Price in K Sale Price in K Days to Sell   List Price in K Sale Price in K Days to Sell
1 6.1 4.4 36   83.1 78.5 101
2 67.6 66.8 51   59.6 57.1 62
3 14 13.4 87   37 32.5 63
4 83.4 80.5 80   43.4 43.2 47
5 40 35.4 38   16.3 15 93
6 56 52 24   8.3 5.9 21
7 71.2 68.7 27   29.2 27.5 107
8 50.7 49.7 52   32.7 32.7 15
9 4.9 4.3 74   23.9 23.5 12
10 70.5 66.5 84   85.5 85.1 58
11 58 56 30   19 16.3 96
12 75 73.7 31   19 18.9 106
13 2.8 1.1 88   80.8 77.4 50
14 7.7 4 11   17.7 15.6 42
15 20 16.2 20   71.4 70.4 75
16 23 21.5 71   16.1 13.8 62
17 6.2 6 88   49.2 45.2 91
18 18 14 43   40 38 6
19 97 93.2 95   32 29.2 52
20 69.2 66.8 37   27.2 22.5 71
21 63.5 60.7 13   85.5 82.8 106
22 65 61.9 60   87.4 85.7 91
23 9.9 7 24   58.9 56.9 83
24 90.2 88.3 42   56.2 52.8 29
25 56 55 91   13.5 10 76
26 80 75.2 39   55.7 54.2 40
27 58.7 58.3 58   75.7 74.6 47
28 33.1 32.9 47   89.1 85.7 67
29 31.5 28.7 86   3.5 3.2 106
30 54.5 54.1 88   67.5 65.3 100
31 22.4 17.8 30   41.4 40.1 10
32 40.3 38.4 29   45.3 43.3 36
33 27.2 22.6 34   87.2 85.1 61
34 14.4 14.1 12   16.4 14.3 65
35 5.6 1.5 86   32.6 29.1 25
36 42.2 40.8 72   14.2 14.2 39
37 9.5 6.2 69   60.5 59.1 79
38 93.1 90.5 32   73.1 68.3 83
39 10.7 7.3 15   48.7 44.7 65
40 93.3 91.7 15   38.3 38.2 35
41 50 49.1 19   6.6 4.3 6
42 33.2 29.6 27   86.2 81.4 53
43 67 60 18   5 4.6 108
44 56 53.1 54   37 32.7 85
45 49.5 48.2 37   23.5 21.2 32
46 52.7 48.8 66   90.7 87.4 97
47 41.1 39.7 78   84.1 83.8 16
48 72.1 70.9 12   45.1 42.7 38
49 50 46.9 84   51.7 49.9 53
50 88 84.2 20   36 34.6 97
51 11.8 11.3 20   66.8 65 45
52 69.5 69 90   54.5 50.2 31
53 63 62.6 35   33 33 44
54 60 58.1 46   11.4 10.8 92
55 66.7 66.1 47   59.7 57.9 49
56 58 55.5 51   84.2 80.1 52
57 67.2 62.7 96   48.2 43.4 101
58 74.9 70.4 59   68.9 64.9 14
59 71.4 70.2 14   60.4 59.9 98
60 71.1 67.8 75   87.1 85.1 90
61 54 54 52   68.3 66.4 61
62 19.9 17.2 60   8.9 7.5 32
63 49.5 48.6 56   39.5 39.3 48
64 56.8 54.8 11   57.8 53.1 29
65 74 71.3 71   59 57.5 98
66 20.4 17 31   22.4 19.4 6
67 34.5 32.5 40   78.5 77.3 6
68 17.2 14.4 29   11.2 9.4 83
69 45 42.5 72   86.2 82 79
70 82 81 32   4 3.5 70
71 40 39.3 21   22.6 21.1 38
72 16 12.4 62   36 36 18
73 25 20.1 72   88 87.1 26
74 64.1 61.5 10   88.1 85.2 41
75 39.5 35.4 71   66.5 61.8 100
76 72 67.3 97   4.1 3.1 7
77 13 10.4 80   22 20.6 11
78 37.1 36.1 26   71.1 70.5 33
79 67.7 62.7 29   36.7 33.5 42
80 40 36.6 28   69.2 66.3 9
81 55.9 52.8 71   14.9 12.6 94
82 51 47.4 81   81 78.8 104
83 50 45.4 41   46.9 44.3 25
84 44.2 41 15   11.2 6.6 69
85 12 9.8 31   7 5.3 66
86 72 70 78   36 31.9 52
87 51.6 46.6 84   49.6 46.8 39
88 54.4 52.6 26   42.4 38.3 92
89 44.5 42.5 92   4.5 4 46
90 61.6 60.9 19   31.6 31 64
91 34.1 33.1 91   57.1 53.3 38
92 80 79 38   42 39 64
93 61.9 61.1 85   71.9 71 11
94 74.6 73.4 84   86.6 86.5 11
95 17 14.5 90   90 87.2 6
96 10.8 7.9 70   47.8 42.9 73
97 44.7 43.8 61   52.7 52.6 66
98 11.7 10.3 73   35.7 32 31
99 97.9 95.9 92   44.9 43.3 24
100 67.5 63 10   21.5 19.4 89
101 64 61.9 43   84.3 83.2 31
102 97.7 93.7 73   69.7 65.7 100
103 8.9 6.5 87   37.9 37.9 43
104 51.3 47.7 18   49.3 45.5 18
105 56 53.1 47   82.7 82.5 67
106 12.6 8.4 95   3.6 3.2 7
107 42.6 38.7 73   53.6 48.9 87
108 50 47.7 84   74.2 69.2 11
109 25.7 24.8 38   56.7 53.2 50
110 72.4 67.6 98   54.4 51 69
111 20.7 18.3 16   38.7 34 28
112 62.3 57.9 13   4.3 2.9 85
113 41.4 37.4 61   19.4 15.9 7
114 50 49 97   16.5 12.8 95
115 77.9 76.7 84   41.9 41 52
116 10 9.2 25   73 69.4 98
117 80 76.1 44   56 55.9 68
118 61.5 60 48   69.5 68.9 43
119 61.1 58.3 73   36.1 32.4 85
120 38.6 34.2 54   32.6 28 7
121 73.9 68.9 39   85.9 80.9 63
122 30 30 94   68.9 68.8 26
123 56 51.3 17   81.3 78.6 53
124 39 36.1 72   52 50.4 104
125 7.4 3.5 81   60.4 58.2 67
126 74.9 74.5 16   23.9 19.4 43
127 40 37.9 43   59.6 55.8 28
128 43 39 23   44.5 44.3 54
129 28.8 24.6 67   90.8 88.8 67
130 14.5 10.5 14   66.5 63.5 11
131 10.8 9.9 59   60.8 56 19
132 6.6 1.9 12   83.6 82.5 8
133 12.6 10.7 51   35.6 33.7 41
134 3.4 0.2 86   81.4 78.5 45
135 40.6 40.6 30   8.6 3.7 12
136 67 63.5 70   7.2 6.3 35
137 33.6 32 97   80.6 75.7 44
138 67 66 59   3.5 3.2 84
139 14 9.5 94   52 49.4 24
140 22.7 19.7 34   6.7 2.7 18
141 69.6 65.6 26   54.6 49.6 65
142 68.7 65.2 38   11.7 8.5 13
143 70 68 95   84.7 82.7 83
144 57 54 89   57.9 57.1 103
145 56.6 54.6 89   22.6 18.3 97
146 69.4 69.2 80   85.4 80.9 77
147 81.7 77.3 86   72.7 70.8 22
148 70 65.8 72   30.3 28.5 57
149 39.3 37.2 52   10.3 6.2 108
150 16.8 13.3 49   80.8 80.1 11
151 65.3 62.5 19   64.3 59.6 100
152 15.9 14 91   31.9 29 84
153 57.5 54.8 72   70.5 66.5 45
154 55.7 55 61   7.7 5.7 71
155 67.3 63.5 39   20.3 16.5 54
156 10 9.6 72   56 52.3 77
157 96 94.1 81   6 2.1 46
158 57.7 55.7 22   24.7 23.7 75
159 15.7 15.2 77   59.7 55.4 35
160 12.2 7.8 94   53.2 48.8 13
161 56.1 52.5 58   48.1 47.8 24
162 10.3 9.6 36   19.3 16.3 64
163 58 54.7 98   6.3 3.5 61
164 7.5 6.5 59   26.5 22 84
165 14.4 12.8 62   44.4 43.7 59
166 57.5 57.4 46   89.5 89.2 36
167 40.1 39.7 68   69.1 67.5 49
168 23.3 21 33   48.3 44.7 103
169 59 57.9 53   89 84.4 108
170 24.2 19.3 33   56.2 54.6 20
171 62 59.2 22   30 25.1 67
172 45 40.7 37   57.8 56.3 42
173 42 42 33   70.4 68.5 16
174 60 59.5 54   50.1 46.5 43
175 77.8 75 32   18.8 15.9 63
176 73 70 76   24 22.2 103
177 13.4 12 53   38.4 35.5 16
178 29 27.9 57   73.6 71.5 93
179 97 92.7 31   25 24.7 60
180 10 7.7 62   19 18.5 70
181 21.7 19.5 13   49.7 49.6 47
182 42.9 41.1 69   67.9 63.2 107
183 23 20 42   28.6 28.3 50
184 35 34.7 15   26.7 24.2 40
185 3.4 3.3 34   51.4 47 25
186 45 40.6 72   53.5 53.1 99
187 7.9 4.6 50   6.9 2.2 23
188 44 41.2 63   9.1 6.2 97
189 8 3.1 36   70 68.3 83
190 33 31.9 27   17 13 106
191 2.6 2.4 63   57.6 55.6 87
192 24 23 63   19.2 17.8 52
193 23.6 19.7 30   34.6 32.2 46
194 49.1 45.3 67   57.1 54.2 37
195 1.5 1.3 69   80.5 80.4 98
196 57.4 52.8 89   81.4 80.4 108
197 60.9 59.8 56   69.9 69 88
198 59.7 56.1 65   16.7 14.9 106
199 1.8 1.7 20   78.8 75.4 7
200 63.1 61.7 40   54.1 52.2 57

Solutions

Expert Solution

 

Answre 6)

a) for Domestic cars

   Standard Deviation (s) = 26.10928 (calculated from data given in table) ; Margin of Error (z)= 7

   Z value at 98% confidence level = 2.33

   We know that z = 2.33 * s /      Where n is the sample size

Therefore n = (2.33 * s / z )2 = (2.33 * 26.10928 / 7)2 = 75.5276 ~76

Sample size required for Domestic cars = 76

       b) for Foreign cars

       Deviation (s) = 30.99688 (calculated from data given in table) ; Margin of Error (z)= 8

       Z value at 98% confidence level = 2.33

       We know that z = 2.33 * s /      Where n is the sample size

       Therefore n = (2.33 * s / z )2 = (2.33 * 30.99688 / 8)2 = 81.50191 ~82

       Sample size required for Foreign cars = 82

Answer 7) a) Mean selling price of Domestic cars = 42396.5

Mean list price of Domestic cars = 44854

percent differnce = 42396.5/44854 = 94.5211

Selling price of 30000 worth domestic car = 30000*94.5211 = 28356.33

Average days for seling the domestic car = 53.29 ~ 53 days

b ) Mean selling price of Foreign cars = 44830

Mean list price of Foreign cars = 47228

percent differnce = 44830/47228 = 94.9225

Selling price of 30000 worth foreign car = 30000*94.9225 = 28476.75

Average days for seling the foreign car = 56.26 ~ 56 days

  


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