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Unformatted text preview: STAT 1000 Assignment 5 DUE: March 28th (Wed. Eve. Section), March 29th (T/Th. Sections), March 30th (MWF. Sections) SHOW ALL YOUR WORK 1. Hoping to attract more shoppers, a city builds a new public parking garage downtown. The city plans to pay for the structure through parking fees. The consultant, who advised the city on this project, randomly selected 44 weekdays. Daily fees collected averaged $126. Based on data from other parking structures, the consultant will assume parking fees at this parking garage are Normally distributed with a standard deviation of $15. (a) What is a 95% confidence interval for the true mean daily income this parking garage will generate from the parking fees? (b) What is a 90% confidence interval for the true mean daily income this parking garage will generate from the parking fees? (c) What is a 74% confidence interval for the true mean daily income this parking garage will generate from the parking fees? (d) Provide a proper interpretation of the confidence interval you found in (c)? 2. A real estate agent would like to estimate the true mean value of all houses in Winnipeg. Suppose it is known that the standard deviation of house values in Winnipeg is $52,480. (a) What sample size is required to estimate the true mean house value in Winnipeg to within $14,000 with 95% confidence. (b) What sample size is required to estimate the true mean house value in Winnipeg to within $14,000 with 99% confidence. (c) What sample size is required to estimate the true mean house value in Winnipeg to within $3,500 with 95% confidence. (d) Suppose it is known that the city of Saskatoon has one third as many houses as Winnipeg. Also suppose that the standard deviation of house values in Saskatoon is the same as in Winnipeg. What sample size would be required to estimate the true mean house value in Saskatoon to within $14,000 with 95% confidence?true mean house value in Saskatoon to within $14,000 with 95% confidence?...
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 Spring '12
 XU

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