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rjkz [21]
3 years ago
7

Peele is interested in the average price of an entree at a French restaurant, but only has a random sample of 9 prices (prices a

re not listed on the menu). Using this random sample, Key calculates that a 90% confidence interval for the true mean is given by (65, 88). (You can assume the prices follow a normal distribution). Use this information to do the following:
a) Calculate 7. (Hint, what does a confidence interval look like?)
b) Calculate s.
c) Construct a 95% confidence interval for the true mean price of all the entrees, f.
Mathematics
1 answer:
Lisa [10]3 years ago
4 0

Answer:

Xbar = 76.5

s = 24.70

(61.19 ; 91.81)

Step-by-step explanation:

Given that :

Confidence interval = (65, 88)

Recall:

Confidence interval = xbar ± margin of error

Margin of Error = (upper boundary - lower boundary) / 2

Margin of Error = (88 - 65) /2 = 11.5

Taking the lower boundary :

Lower boundary = xbar - margin of error

xbar = lower boundary + margin of error

Xbar = 65 + 11.5

Xbar = 76.5

Margin of Error = Tcritical * s/sqrt(n)

s = sample standard deviation

Tcritical at 90% confidence, df = 9-1= 8 = 1.397

11.5 = 1.397 * s/sqrt(9)

11.5 = 1.397 * s/3

34.5 = 1.397s

s = 34.5 / 1.397

s = 24.695

s = 24.70

C.) 95% confidence interval :

Tcritical at 95%, df = 8 = 1.860

Margin of Error = 1.860 * 24.70/sqrt(9) = 15.311

Confidence interval :

Lower boundary = 76.5 - 15.311

Upper boundary = 76.5 + 15.311

(61.19 ; 91.81)

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when price of indomie noodles was lowered from #50 to #40 per unit, quantity demanded increases from 400 to 600 units per week.
Nataly [62]

Answer:

The price elasticity of demand is -10

Step-by-step explanation:

Given

p_1,p_2 = 50,40

q_1,q_2 = 400,500

Solving (a): The coefficient of price elasticity of demand (k)

This is calculated as:

k = \frac{\triangle q}{\triangle p}

So, we have:

k = \frac{500 - 400}{40 - 50}

k = \frac{100}{-10}

k = -10

<em>Because |k| > 0, then we can conclude that the company made a wise decision.</em>

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2 years ago
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sergejj [24]

Answer:

1.5/8 of the bag

Step-by-step explanation:

1/4 * 2 = 2/8

----------------------

3/8 + 2/8 = 5/8

1 - 5/8 = 3/8

3/8 divided by 1/2 = <u>1.5/8</u>

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I hope this helped!

Step-by-step explanation:

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2 years ago
Consider an experiment with sample space S 5 50, 1, 2, 3, 4, 5, 6, 7, 8, 96 and the events A 5 {0, 2, 4, 6, 8} B 5 {1, 3, 5, 7,
Brut [27]

Answer with Step-by-step explanation:

S={0,1,2,3,4,5,6,7,8,9}

A={0,2,4,6,8}

B={1,3,5,7,9}

C={0,1,2,3,4}

D={5,6,7,8,9}

a.A'=S-A

A'={0,1,2,3,4,5,6,7,8,9}-{0,2,4,6,8}

A'={1,3,5,7,9}

b.C'=S-C

C'={0,1,2,3,4,5,6,7,8,9}-{0,1,2,3,4}

C'={5,6,7,8,9}

c.D'=S-D

D'={0,1,2,3,4,5,6,7,8,9}-{5,6,7,8,9}

D'={0,1,2,3,4}

d.A\cup B={0,2,4,6,8}\cup{1,3,5,7,9}

A\cup B={0,1,2,3,4,5,6,7,8,9}=S

e.A\cup C={0,2,4,6,8}\cup{0,1,2,3,4}

A\cup C={0,1,2,3,4,6,8}

f.A\cup D={0,2,4,6,8}\cup{5,6,7,8,9}

A\cup D={0,2,4,5,6,7,8,9}

8 0
3 years ago
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