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3 years ago

30 POINTS FOR WHOEVER CAN SOLVE THIS!!

1 answer:

5 0

The two inequalities formed will be:
One for ticket quantity:
x + y ≤ 600

One for funds generated via tickets:
5x + 7y ≥ 3500

Equating x to 330,
5(330) +7y ≥ 3500
y = 265

Checking if the other inequality holds true:
330 + 265 ≤ 600
595 ≤ 600

This inequality is still true so they can sell 265 tickets on the event day and cover their expenses.

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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".

Solution to the problem

The confidence interval for the mean is given by the following formula:

$\bar X \pm z_{\alpha/2}\frac{\sigma}{\sqrt{n}}$ (1)

Since the Confidence is 0.95 or 95%, the value of $\alpha=0.05$ and $\alpha/2 =0.025$ , and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-NORM.INV(0.025,0,1)".And we see that $z_{\alpha/2}=1.96$

Now we have everything in order to replace into formula (1):

$1000-1.96\frac{2}{\sqrt{4}}=998.04$

$1000+1.96\frac{2}{\sqrt{4}}=1001.96$

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3 years ago