Statistics For Business And Economics
1. In looking at the average age of people at a Jimmy Buffett concert, Austin took a simple random sample of350 people and found the average age to be 55, give or take 2 years. The standard deviation for the population is 2.5 years.
a. Use point estimation to estimate the average age of people at the Jimmy Buffett concert.
b. Use interval estimation at the 95% confidence level toestimate the average age of people at the JimmyBuffett concert.
c. Use interval estimation at the 90% confidence level to estimate the average age of people at the JimmyBuffett concert.
d. Which interval is "larger"? Does this make sense according to what you've learned?
e. Interpret the interval from part (c) using the general and margin of error approaches to interval interpretation.
f. How would the calculation change if instead of knowing the population standard deviation was 2.5 years, we only knew the sample standard deviation to be 2.5years?
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