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In: Statistics and Probability

As part of a​ survey, a marketing representative asks a random sample of 29 business owners...

As part of a​ survey, a marketing representative asks a random sample of 29 business owners how much they would be willing to pay for a website for their company. She finds that the sample standard deviation is​ $3419. Assume the sample is taken from a normally distributed population. Construct 99​% confidence intervals for​ (a) the population variance σ2 and​ (b) the population standard deviation σ. Interpret the results.

​(a) The confidence interval for the population variance is (___​,___​). ​(Round to the nearest integer as​ needed.)

Interpret the results. Select the correct choice below and fill in the answer​ box(es) to complete your choice. ​(Round to the nearest integer as​ needed.)

A.With 99​% ​confidence, you can say that the population variance is between ___ and ___.

B.With 1​% ​confidence, you can say that the population variance is greater than ___.

C.With 99​% ​confidence, you can say that the population variance is less than ___.

D.With 1​% ​confidence, you can say that the population variance is between ___ and ___.

​(b) The confidence interval for the population standard deviation is (___​,___​). (Round to the nearest integer as​ needed.)

Interpret the results. Select the correct choice below and fill in the answer​ box(es) to complete your choice. ​(Round to the nearest integer as​ needed.)

A.With 1​% ​confidence, you can say that the population standard deviation is less than ​$___.

B.With 99​% ​confidence, you can say that the population standard deviation is greater than ​$___.

C.With 1​% ​confidence, you can say that the population standard deviation is between ​$___ and ​$___.

D.With 99​% ​confidence, you can say that the population standard deviation is between ​$___ and ​$___.

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orchestra answered 1 year ago
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