Assignment 3 .doc - Assignment 3 Business Statistics(BUQU 1230 Instructions Complete the following questions as specified below Please note – you must

Assignment 3 .doc - Assignment 3 Business Statistics(BUQU...

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Assignment 3: Business Statistics (BUQU 1230) Instructions : Complete the following questions as specified below. Please note – you must download a data file from the course website to complete these questions. No assignments will be accepted after the beginning of class on the day the assignment is due. Topic 1: Interval Estimates / Confidence Intervals 1. Referring to sheet ‘Topic 1—Interval Estimates’ in the data file answer the following questions. A. Based on the sample of 50 students, calculate the point estimate for the average $ that students spend on their cell phones and the standard deviation of that average. Make sure you’re using the right variable for this problem. There are two variables in the sheet, but only one makes sense to use. B. Construct a 90% confidence interval around this point estimate. (Assume you don’t have a good estimate for the population standard deviation, so you have to estimate it using the sample standard deviation. Accordingly, make sure you use the t distribution when calculating the confidence interval.) C. Interpret the results of part b). What does your interval estimate tell you? D. Now assume your clients want a smaller confidence interval, with a margin of error that’s no bigger than 2$. How big would your new sample have to be? (Use the standard deviation you calculated in part A, as a planning value for the population standard deviation.)
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