Question
In: Statistics and Probability
Playbill magazine reported that the mean annual household income of its readers is $120,255. (Playbill, January...
Playbill magazine reported that the mean annual household income of its readers is $120,255. (Playbill, January 2006). Assume this estimate of the mean annual household income is based on a sample of 80 households, and based on past studies, the population standard deviation is known to be σ = $33,225.
a. Develop a 90% confidence interval estimate of the population mean.
b. Develop a 95% confidence interval estimate of the population mean.
c. Develop a 99% confidence interval estimate of the population mean.
| d. Discuss what happens to the width of the confidence interval as the confidence level is increase. | ||||||||||
|
e. Does this result seem reasonable? Explain. |
Solutions
orchestra answered 1 year agoRelated Solutions
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Playbill magazine reported that the mean annual household income of its readers is $120,255. (Playbill, January...
Playbill magazine reported that the mean annual household income
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estimate of the mean annual household income is based on a sample
of 80 households, and based on past studies, the population
standard deviation is known to be σ = $33,225.
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mean.
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According to Money magazine, Maryland had the highest median annual household income of any state in 2018 at $75,847.
You may need to use the appropriate appendix table to answer this question.
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