Forest City Casino is interest in determining the percentage of their weekend visitors who spend more...

Forest City Casino is interest in determining the percentage of their weekend visitors who spend more than $1,000 at their casino. Based on the sample below, establish a 95% confidence interval for the percentage of weekend customers who spend more than $1,000.

Forest City Casino Weekend Customer Spend Survey
$175	$775	$325	$100	$250	$300	$675	$750	$900	$725	$750
$400	$250	$250	$300	$675	$600	$750	$675	$575	$200	$925
$425	$675	$975	$550	$450	$800	$6,775	$400	$600	$150	$250
$450	$525	$925	$925	$850	$550	$175	$100	$575	$975	$1,225
$825	$225	$425	$925	$600	$475	$850	$850	$725	$225	$275
$800	$350	$750	$500	$825	$2,500	$450	$800	$925	$900	$875
$425	$575	$1,775	$300	$675	$650	$800	$950	$950	$175	$9,125
$875	$375	$425	$125	$300	$275	$350	$325	$4,475	$250	$300
$125	$100	$725	$950	$925	$275	$375	$875	$725	$675	$425
$950	$850	$750	$525	$625	$475	$425	$225	$875	$475	$4,625
$925	$700	$125	$875	$450	$150	$275	$975	$400	$550	$175
$525	$350	$775	$450	$675	$375	$100	$775	$350	$400	$450
$925	$525	$175	$600	$250	$800	$575	$975	$100	$475	$375
$575	$500	$250	$550	$650	$475	$925	$600	$600	$475	$600
$500	$650	$275	$650	$500	$225	$950	$350	$975	$575	$825
$675	$450	$125	$950	$850	$600	$700	$675	$700	$1,925	$800
$925	$450	$350	$675	$7,250	$650	$250	$7,575	$675	$600	$750
$800	$775	$400	$6,625	$750	$800	$175	$350	$350	$275	$125
$150	$875	$275	$350	$325	$625	$350	$400	$700	$200	$600
$450	$175	$475	$800	$950	$825	$125	$950	$800	$950	$925
$150	$150	$125	$550	$725	$825	$600	$200	$500	$225	$925
$700	$875	$100	$900	$550	$900	$375	$850	$475	$8,800	$3,775
$325	$800	$350	$725	$250	$4,075	$100	$750	$450	$575	$825
$125	$725	$4,725	$875	$625	$725	$875	$100	$975	$200	$175
$850	$125	$150	$325	$300	$575	$125	$650	$250	$150	$700

BLANK #1: Is this a question involving mean or proportion? ***ANSWER "MEAN" OR "PROPORTION" (WITHOUT THE QUOTATION MARKS)***

BLANK #2: What is the LOW end of the estimate ***ANSWER TO 2 DECIMALS...FINAL ANSWER IN DOLLARS OR PERCENT FORM (CHOOSE THE APPROPRIATE OPTION FOR YOUR QUESTION)...BE SURE TO INCLUDE UNITS WITH ANSWER...IE. EITHER $12.34 OR 12.34%***

BLANK #3: What is the HIGH end of the estimate ***ANSWER TO 2 DECIMALS...FINAL ANSWER IN DOLLARS OR PERCENT FORM (CHOOSE THE APPROPRIATE OPTION FOR YOUR QUESTION)...BE SURE TO INCLUDE UNITS WITH ANSWER...IE. EITHER $12.34 OR 12.34%***

Solutions

Expert Solution

Proportion

Level of Significance,   α =    0.05
Number of Items of Interest,   x =   15
Sample Size,   n =    275

Sample Proportion ,    p̂ = x/n =    0.055
z -value =   Zα/2 =    1.960   [excel formula =NORMSINV(α/2)]

Standard Error ,    SE = √[p̂(1-p̂)/n] =    0.0137
margin of error , E = Z*SE =    1.960   *   0.0137   =   0.0268

95%   Confidence Interval is
Interval Lower Limit = p̂ - E =    0.055   -   0.0268   =   0.0277

2.77%

Interval Upper Limit = p̂ + E = 0.055 + 0.0268 = 0.0814

8.14%

Thanks in advance!

revert back for doubt

orchestra answered 1 year ago

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