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Category > Business & Finance Posted 24 May 2017 My Price 8.00

Develop a 95% confidence interval estimate of the difference between the two population mean prices

Three-megapixel digital cameras are typically the lightest, most compact, and easiest to use. However, if you plan to enlarge or crop images, you will probably want to spend more for a higher-resolution model. The following shows sample prices of five-megapixel and three-megapixel digital cameras (Consumer Reports Buying Guide, 2004).

Five-Megapixel

Three-Megapixel

Model

Price

Model

Price

Nikon 5700

890

Kodak DX4330

280

Olympus C-5050

620

Canon A70

290

Sony DCS-F717

730

Sony DSC P8

370

Olympus C-5050

480

Minolta XI

400

Minolta 7Hi

1060

Sony DSC P72

310

HP 935

450

Nikon 3100

340

Pentax 550

540

Panasonic DMC-LC33

270

Canon S50

500

Pentax S

380

Kyocera TVS

890

 

 

Minolta F300

440

 

 

a. Provide a point estimate of the difference between population mean prices for the two types of digital cameras. What observation can you make about the price of the higher quality five-megapixel model?

b. Develop a 95% confidence interval estimate of the difference between the two population mean prices.

 

Answers

Alpha Geek
(8)
Status NEW Posted 24 May 2017 11:05 AM My Price 8.00

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