No Service 312 PM texsublackboardcom MGSC33101 SPRING 2016 H

No Service 3:12 PM texsu.blackboard.com MGSC331-01 SPRING 2016 HOMEWORKII DUE 02/08/2016 1:00 p.m. The following problems are from our text book Statistical Techniques in Business and Economics, 16th edition. 6 POINTS EACH PROBLEM. MAXIMUM OF 30 POINTS I. #8 p.289 2, #14 p.297 3, #18 p.300 4, #24 p.304 5, #62 p.311 NOTE: A. Please note that handwritten solutions are discouraged for all homework. They should be either in EXCEL or WORD B. Please show all your steps when you solve ALL problems. C. Please submit your own work and NOT a copy of someone\'s work. Please refer to the syllabus. D. If you have any questions, please see me or Mr. Wachara, the statistics tutor

Solution

Q14.
Mean, s.d calculated for 15 observations
Mean(x)=35.0667
Standard deviation( sd )=6.0174
Sample Size(n)=15
Confidence Interval
CI = x ± t a/2 * (sd/ Sqrt(n))
Where,
x = Mean
sd = Standard Deviation
a = 1 - (Confidence Level/100)
ta/2 = t-table value = 98% C.I = 2.624
CI = Confidence Interval

Confidence Interval = [ 35.0667 ± t a/2 ( 6.0174/ Sqrt ( 15) ) ]
= [ 35.0667 - 2.624 * (1.554) , 35.0667 + 2.624 * (1.554) ]
= [ 30.99,39.144 ]