7. After scanning the UPC code of a 4 GB flash memory card using his smartphone,...

7. After scanning the UPC code of a 4 GB flash memory card using his smartphone, Michael Sullivan received the following prices for the goods at a variety of online retailers. Treat thee data as a simple random sample of all online retailers. 12.25, 13.49, 13.76, 14.75, 14.99, 14.99, 15.27, 15.95, 17.88, 20.49

(a) Determine a point estimate for the population mean price of the memory card.

(b) Use the normal probability plot to verify the requirements for constructing a confidence interval for the mean price.

(c) Construct and interpret a 95% confidence interval to estimate the mean price of a 4GB flash memory card.

(d) Construct and interpret a 99% confidence interval to estimate the mean price of a 4GB flash memory card.

(e) What happens to the interval as the level of confidence is increased? Explain why this is a logical result.

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orchestra answered 2 years ago

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