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Get Full Access to Stats Modeling The World - 4 Edition - Chapter 22 - Problem 20
Get Full Access to Stats Modeling The World - 4 Edition - Chapter 22 - Problem 20

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# Parking II Suppose that, for budget planning purposes, the city in Exercise 18 needs a ISBN: 9780321854018 481

## Solution for problem 20 Chapter 22

Stats Modeling the World | 4th Edition

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Problem 20

Parking II Suppose that, for budget planning purposes, the city in Exercise 18 needs a better estimate of the mean daily income from parking fees. a) Someone suggests that the city use its data to create a 95% confidence interval instead of the 90% interval first created. How would this interval be better for the city? (You need not actually create the new interval.) b) How would the 95% interval be worse for the planners? c) How could they achieve an interval estimate that would better serve their planning needs? d) How many days worth of data should they collect to have 95% confidence of estimating the true mean to within $3? Step-by-Step Solution: Step 1 of 3 Chapter 18 Definitions  Probability model- all possible outcomes Ex. If you toss a coin 3 times. What is the chance it lands on tails (2^3=8) ANSWER: 8 Sample space - unique outcome Ex. When tossing a coin a unique outcome would be either heads or tails. Sample space= head (H) Tails (T) Event - collection of outcome Probability Rules Rule 1 : probability must be a number between 0 and 1 Rule 2: all possible outcome must = 1 *if it passes both rules 1&2 it’s legitimate Rule 3 AKA compliment rule: if the question ask what is the probability that the event doesn’t occur Use this Formula: 1 - probability the event WILL Occur Probability = numerical (has to be a number) Ex. Probability of dog losing the race is .40, what is th Step 2 of 3 ###### Chapter 22, Problem 20 is Solved Step 3 of 3 ##### Textbook: Stats Modeling the World ##### Edition: 4 ##### Author: David E. Bock, Paul F. Velleman, Richard D. De Veaux ##### ISBN: 9780321854018 The full step-by-step solution to problem: 20 from chapter: 22 was answered by , our top Statistics solution expert on 03/16/18, 04:57PM. This full solution covers the following key subjects: . This expansive textbook survival guide covers 31 chapters, and 1357 solutions. The answer to “Parking II Suppose that, for budget planning purposes, the city in Exercise 18 needs a better estimate of the mean daily income from parking fees. a) Someone suggests that the city use its data to create a 95% confidence interval instead of the 90% interval first created. How would this interval be better for the city? (You need not actually create the new interval.) b) How would the 95% interval be worse for the planners? c) How could they achieve an interval estimate that would better serve their planning needs? d) How many days worth of data should they collect to have 95% confidence of estimating the true mean to within$3?” is broken down into a number of easy to follow steps, and 112 words. Since the solution to 20 from 22 chapter was answered, more than 232 students have viewed the full step-by-step answer. This textbook survival guide was created for the textbook: Stats Modeling the World, edition: 4. Stats Modeling the World was written by and is associated to the ISBN: 9780321854018.

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