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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