Hoping to lure more shoppers downtown, a city builds a new…
Hoping to lure more shoppers downtown, a city builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees. For a random sample of n = 42 weekdays, daily fees collected averaged $155, with a standard deviation of $12. Complete parts a-c below. Show as much work as possible. When using your calculator, please specify the choice and your input values. a. Create a 95% confidence interval for the mean daily income this parking garage will generate. Round your answers to two decimal place. (4pts.) b. Interpret this confidence interval in the context of this problem (2 pts.) c. The consultant who advised the city on this project predicted that parking revenues would average $160 per day. Based on your confidence interval, what do you think of the consultant’s prediction? Why? (4 pts.)
Read DetailsSuppose that the IQs of students at local university can be…
Suppose that the IQs of students at local university can be described by a normal model with mean 130 and standard deviation of 12 points. a) Select 9 students at random from this university. Describe the sampling distribution model for the sample mean
Read DetailsThe time a gym’s members spend at the gym per week is believ…
The time a gym’s members spend at the gym per week is believed to be normally distributed with a mean of 138 minutes and a standard deviation of 22 minutes. You like to find the probability that a person spends more than 180 minutes at the gym per week. a. Find the z-score for . Round to two decimal place. (4 pts.) b. Graph the model and shade the region under the normal curve that illustrates the probability that a person spends more than 180 min per week at the gym. (4 pts.) c. What is the probability that a person spends more than 180 minutes at the gym per week? justify your answer. (4 pts.)
Read DetailsYou survey a sample of 1000 employees at a large company and…
You survey a sample of 1000 employees at a large company and record the age of each. The results are given in the frequency distribution table below. If you select one employee at random, what is the probability the selected employee is more than 24 years old? Age Frequency 15-24 54 25-34 366 35-44 233 45-54 180 55-64 125 65 and over 42 If you select an employee at random, what is the probability the selected person is more than 24 years old?
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