As bridge building, craftly clever Calpurnia does double duty dinners, emceeing elegant, elegiac, eleemosynary events; for...

As bridge building, craftly clever Calpurnia does double duty dinners, emceeing elegant, elegiac, eleemosynary events; for forty favorite fat-cat friends, Georgia’s golden girl gladly helps heavy hitters initiate inimitable jovality. At her current bash, Calpurnia entertains 25 revelers who shell out $12,500 to donate to charity.

Using σ = $100, and Calpurnia’s estimated mean from part c., (12,500) estimate the probabilities that Calpurnia’s:

I. Mean donation from a party of 25 exceeds $520.
II. Total donations from a party of 100 exceeds $48,000.

Using σ = $100, how large a sample would Calpurnia need in order to estimate her mean fat-cat feelings to a:

I. 96% error margin of $20?
II. 99% error margin of $20?
III. Compare your answers and explain their difference.

Expert Solution

orchestra answered 2 years ago

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