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...

This preview shows page 1 - 3 out of 6 pages.

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.)
Image of page 1
2.
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 6 pages?

  • Fall '14
  • ALIHASSANLOU

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes