Homework 3 - Graded Homework 3 You have submitted this Econ...

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Graded Homework 3 You have submitted this Econ 203 Homework 4 times (including this time). You may submit this Econ 203 Homework a total of 30 times and receive full credit. These questions cover concepts related to confidence interval estimation, material you can find in your course packet on pages 39-43. Question #1 Please refer to example #1 on page 42 (slide 33) of your course lecture packet. Based on the data given in the example, the 95% confidence interval for gas mileage is given by: 32.3816 , 32.8184 And the 99% confidence interval for gas mileage is given by: 32.31251429 , 32.88748571 Item 3: Your answer is within ±0.1% of the solution - correct. Item 4: Your answer is within ±0.9% of the solution - correct. You received a raw score of 100% on this question. Question #2 Now refer to example #2 on page 42 (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: 32.3676 , 32.8324 And the 99% confidence interval for gas mileage is given by: 32.29408571 , 32.90591429 Item 1: Your answer is within ±0.1% of the solution - correct. Item 2: Your answer is within ±0.9% of the solution - correct. Item 3: Your answer is within ±0.1% of the solution - correct. Item 4: Your answer is within ±0.9% of the solution - correct. You received a raw score of 100% on this question. Question #3
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This question is similar to example #3 on page 42 (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) The procedure for interval estimation must have been done incorrectly. We must use a t distribution instead of a z distribution. We should first standardize the LCL and UCL and then see if they capture the mean. We could never get this result. The procedure can still be valid, since we allow for a certain amount of error. You received a raw score of 100% on this question.
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Homework 3 - Graded Homework 3 You have submitted this Econ...

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