View the step-by-step solution to:

"I need at least 350-355 words memo that discuss the confidence intervals and how they affect your business decision: 99% = 11.84112937 98% =...

"I need at least 350-355 words memo that discuss the confidence intervals and how they affect your business decision:
99% = 11.84112937
98% = 10.69425917
97% = 9.975940903
96% = 9.441117279
95% = 9.009986442
90% = 7.561418983

Now, these values are based on the fact that the price is listed as, for
example, 263.1 instead of 263,100, so keep that in mind with these values.

So for example, the data gives a mean of 221.1028571, and at a 95% confidence level, the mean of the population this is sampled is between 212.092870658 and 230.112843542 (in other words, 221.1028571 +/- 9.009986442).

As a ratio value, the 95% confidence level in this case only drifts 19% of 1 standard deviation away from the sample mean in either direction (and only %25 drift with a 99% confidence), which leads me to believe this is a data set that is in fact representative of the population." "

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question