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Answer:
n=206
Step-by-step explanation:
Previous concepts
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
The population proportion have the following distribution
Solution to the problem
In order to find the critical value we need to take in count that we are finding the interval for a proportion, so on this case we need to use the z distribution. Since our interval is at 99% of confidence, our significance level would be given by and
. And the critical value would be given by:
The margin of error for the proportion interval is given by this formula:
(a)
And on this case we have that , we can use as prior estimate of p 0.5, since we don't have any other info provided, and we are interested in order to find the value of n, if we solve n from equation (a) we got:
(b)
And replacing into equation (b) the values from part a we got:
And rounded up we have that n=206
The point (250,0) of the graph represents that the average price per ticket is $250.
Given to us
x is the price the passenger paid
f(x) is the positive percent difference
<h3>What is the correct interpretation of the point (250, 0)?</h3>We know that a coordinate is written in the form of (x, y), therefore, the point (250, 0) represents that the price of the ticket is 250, while the 0 in the coordinate represents that there is no percentage difference. Since the point (250,0) is the mid-value of the x-axis on the graph, we can say that $250 is the average price of the ticket.
Hence, the point (250,0) of the graph represents that the average price per ticket is $250.
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