EconHM3 - Q uestion #1 P lease refer to example #1 on page...

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Question #1 Please refer to example #1 on page 30 (slide 33) of your course lecture packet. Make sure you are using Excel to find the appropriate critical values as opposed to the rounded critical values in the reader to obtain the most accurate answer. For help with the appropriate commands, consult the Excel reader, page 165 or so. Based on the data given in the example, the 95% confidence interval for gas mileage is given by: 32.38160401 , 32.81839599 And the 99% confidence interval for gas mileage is given by: 32.31297902 , 32.88702098 Question2 Notice: the use of TINV function. Look at page 146 Question #2 Now refer to example #2 on page 30 (slide 34) of your course lecture packet. Note the changes from the previous example. Based on the data given in the example, the 95% confidence interval for gas mileage is given by: 32.36159617 , 32.83840383 And the 99% confidence interval for gas mileage is given by: 32.28196724 , 32.91803276
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Question #3 This question is SIMILAR to example #3 on page 30 (slide 35) of your course packet. Suppose we made an interval estimate for the mean of the population such as: [124.23, 175.34]. If we realize that the true population mean is 121.32, what should we conclude? (Hint: 1 correct answer) We must use a t distribution instead of a z distribution. The procedure can still be valid, since we allow for a certain amount of error. We should first standardize the LCL and UCL and then see if
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This note was uploaded on 02/11/2010 for the course ECON 203 taught by Professor Petry during the Spring '09 term at University of Illinois, Urbana Champaign.

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EconHM3 - Q uestion #1 P lease refer to example #1 on page...

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