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Category > Economics Posted 22 Jun 2017 My Price 8.00

ABC Airlines

A random sample of 16 passengers between the two airports flying by ABC Airlines yielded a mean fare of $172. The population standard deviation of the fare is known to be $37.

  1. Calculate Margin of Error at 93% confidence and calculate the Confidence Interval on the fare between the two airports for ABC.  [Total: 2 + 4 points]
  2. Provide an interpretation for what the 93% confidence interval calculated above means.  [2 points]
  3. Calculate Margin of Error at 97% confidence and calculate the Confidence Interval on the fare between the two airports for ABC.  [Total: 2 + 4 points]
  4. Provide an interpretation for what the 97% confidence interval calculated above means.  [2 points]
  5. Based on the 93% and 97% confidence intervals calculated above, could you answer the question “Is the mean fare between the two airports on ABC Airlines different than $150?” Why or Why not?  [4 points]

Answers

SuperTutor
(15)
Status NEW Posted 22 Jun 2017 07:06 AM My Price 8.00

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