A marketing research company is estimating the average total compensation of full-time waitstaff in the U.S....

A marketing research company is estimating the average total compensation of full-time waitstaff in the U.S. Data were randomly collected from 38 full-time waitstaff workers, and the 99% confidence interval for the mean was calculated to be $18,360<μ<$26,950$18,360<μ<$26,950. What would happen to the confidence interval if the confidence level were changed to 95%?

Solutions

Expert Solution

The 99% confidence interval for the mean was calculated to be $18,360<μ<$26,950, and the confidence interval is calculated a:

CI = M+/- E where M is the sample mean and E is the margin of error which is calculated as E = Zc* SE, where SE is the standard error and Zc is the critical standard score at a given confidence level, and the critical score decreases as the confidence level decreases, and the Margin of error as from formula can be computed that it is directly proportional to Zc so, the confidence interval width decreases as we change the confidence level from 99% to 95%.

orchestra answered 2 years ago

Next > < Previous

Related Solutions

Calculating the cost of Full-Time and Part-Time Employment In your role as a compensation analyst, you...

Calculating the cost of Full-Time and Part-Time Employment In your role as a compensation analyst, you have been assigned to calculate and compare the estimated costs of hiring full-time and part-time employees in anticipation of staffing a project. It will take 100,000 work hours to complete the project, and the project must be completed within a 5-workweek period. The workweek runs Monday through Friday, within the daily hours of 8 am to 4 pm. Full-time workers provide 40 hours of...

What are the main advantages or regression analysis over the marketing research approaches of estimating demand?...

What are the main advantages or regression analysis over the marketing research approaches of estimating demand? What, if any, residual usefulness to the manager and economist do marketing research approaches have in demand estimation? How are marketing research approaches related to virtual shopping, virtual management and behavioral economics?

According to the U.S Census Bureau, the average travel time to work in the U.S. is...

According to the U.S Census Bureau, the average travel time to work in the U.S. is 25.4 minutes. a simple random sample of 10 people reported the following travel times, 10,11,9,24,37,22,75,23,51,48. at a 5% significance level, do the data provide sufficient evidence to conclude that people in Bryan, tx spend less time traveling to work than the national average? calc the p-value. a. p= 0.7838 b. p= 0.4325 c. p= 0.8217 d. p= 0.8067 e. p= 0.1933

According to the U.S Census Bureau, the average travel time to work in the U.S. is...

Research the U.S. Tax Code to determine the manner in which deferred compensation is taxed. Conclude...

Research the U.S. Tax Code to determine the manner in which deferred compensation is taxed. Conclude whether the treatment is reasonable. Provide support for your conclusions. Provide one example of the tax treatment of deferred compensation. Discuss whether the taxation of this income harms taxpayers in general. Propose an alternative to the taxation of deferred compensation that would be fair to all taxpayers and support the financial needs of the federal government. Indicate substantive ways in which your recommendation would...

Dre and Bow are a wealthy couple. Dre works full-time in a marketing partnership. In the...

Dre and Bow are a wealthy couple. Dre works full-time in a marketing partnership. In the past he has contributed $100,000 of cash and property with a FMV of $75,000 and a basis of $25,000. In first 5 years of the partnership Dre’s share of the income was $35,000. However, since then there has been a string of losses. In the next few years Dre’s share of losses totaled $125,000. 2017 was a rough year and Dre’s share of loss...

3) A local attorney employs ten full-time professionals. The budgeted compensation per employee is $80,000. The...

3) A local attorney employs ten full-time professionals. The budgeted compensation per employee is $80,000. The maximum billable hours for each client are 400. Clients always receive their full amount of time. All professional labour costs are included in a single direct cost category and are traced to jobs on a per-hour basis. Any other costs are included in a single indirect cost pool, allocated according to professional labour-hours. Budgeted indirect costs for the year are $400,000 and the firm...

As of December 2017, Pettigrew Law employed ten full-time professionals. The budgeted compensation per employee is...

As of December 2017, Pettigrew Law employed ten full-time professionals. The budgeted compensation per employee is $80,000. The maximum billable hours for each client are 400. Clients always receive their full amount of time. All professional labor costs are included in a single direct-cost category and are traced to jobs on a per-hour basis. Any other costs are included in a single indirect-cost pool, allocated according to professional labor-hours. Budgeted indirect costs for the year are $400,000 and the firm...

Administrative Medical total Full time 8 3 11 Part time 4 12 16 total 12 15...

Administrative Medical total Full time 8 3 11 Part time 4 12 16 total 12 15 27 What is the probability that a randomly selected employee works part-time or as a medical employee? What is the probability that a randomly selected employee works on a full-time basis given that they are an administrative employee? report to 3 decimal places.

Average Daily TV Viewing Time Per U.S. Household Year Hours Min Total Min 1950 4 39...

Average Daily TV Viewing Time Per U.S. Household Year Hours Min Total Min 1950 4 39 279 1955 5 5 305 1960 5 33 333 1965 6 4 364 1970 6 38 398 1975 7 7 427 1980 7 45 465 1985 8 22 502 1990 8 7 487 1995 8 38 518 2000 9 2 542 2005 9 30 570 2010 9 41 581 Click here for the Excel Data File (a) Fit a...

Subjects