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Statistics / Elementary Statistics 12 / Chapter 7.3 / Problem 27BSC

Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola

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Answer: Sample Size. In Exercises, find the sample size

Chapter 7, Problem 27BSC

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QUESTION:

Problem 27B

Sample Size. In Exercises, find the sample size required to estimate the population mean.

Buying a Corvette Research of selling prices for used two-year-old Corvettes reveals that they have a standard deviation of $2157 (based on data from Edmunds.com). How many selling prices must you obtain in order to estimate the mean selling price of these cars? Assume that you want 98% confidence that your sample mean is within $250 of the population mean. Is it likely that you will find that many two-year-old used Corvettes in your region?

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QUESTION:

Problem 27B

Sample Size. In Exercises, find the sample size required to estimate the population mean.

Buying a Corvette Research of selling prices for used two-year-old Corvettes reveals that they have a standard deviation of $2157 (based on data from Edmunds.com). How many selling prices must you obtain in order to estimate the mean selling price of these cars? Assume that you want 98% confidence that your sample mean is within $250 of the population mean. Is it likely that you will find that many two-year-old used Corvettes in your region?

ANSWER:

Answer

Step 1 of 3

Here margin of error is 250

Z for 98 % confidence interval is 2.33

Standard deviation $\sigma{}$ =2157

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