Stats DB 6

.docx
School
Mount Saint Vincent University **We aren't endorsed by this school
Course
MATH 2208
Subject
Economics
Date
Nov 4, 2023
Pages
2
Uploaded by hlaiq on coursehero.com
Using the data set you collected in Week 1, excluding the super car outlier, you should have calculated the mean and standard deviation during Week 2 for price data. Along with finding a p and q from Week 3. Using this information, calculate two 95% confidence intervals. For the first interval you need to calculate a T-confidence interval for the sample population. You have the mean, standard deviation and the sample size, all you have left to find is the T-critical value and you can calculate the interval. For the second interval calculate a proportion confidence interval using the proportion of the number of cars that fall below the average. You have the p , q , and n , all that is left is calculating a Z-critical value, Make sure you include these values in your post, so your fellow classmates can use them to calculate their own confidence intervals. Once you calculate the confidence intervals you will need to interpret your interval and explain what this means in words. For this week's discussion we will be utilizing data that we collected in Week 1 which gave us the mean and standard deviation, and we will also be utilizing our findings for P and Q from week 3. With this information, we will calculate two 95% confidence intervals. As always, all the extras we are given prior to completing these problems are always amazing and super helpful including the handy helpers which makes it easy to find the solutions for the problems we are asked to solve. Below are my answers for this week's discussion, I do feel confident in my answers but please let me know if you see something wrong. Mean- 37,151.4 Standard Deviation- 2606.298704 p=.60 q=.40 N=10 Part 1- T-Critical Value =2.262157 Standard Error with the Formula 2606.298704/ SqrRT10= 824.1840167 (verified this utilizing the data analysis tool).
Marginal Error= 3715.4+/-2.262157*(2606.298704- SqrRt10=1864.433643 (Completed and verified by Data Analysis Tool) To calculate the confidence level interval, + and - the mean from the marginal error. 37151.4+1864.433643=39015.83364=39016. 37151.4- 1864.433643=35286.96636=35287. Confidence Interval is (39016,35287). T-Critical Value= 1.959964 Standard Error= .60*.40/10=.15491 Marginal Error= 1.959964*.15491=.30363 To find Confidence Interval calculate +/-P and Marginal Error .60+.30363=.90363 .60-30363=.29637 The mean of my 10 cars chosen is below, and is 29.6% and 90.3%. This shows that a large percentage of my cars that I have chosen fall below average. I would have never thought that these types of calculations could really help when buying a car or a house. I will be honest, math was never my strong point in high school however, when you apply yourself and actually study and review all of the resources provided, it all actually makes sense and now I feel much more confident for the practice homework and exam.
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