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bachelor in business administration
Polytechnic State University Sanluis
Jan-2006 - Nov-2010
CPA
Polytechnic State University
Jan-2012 - Nov-2016
Professor
Harvard Square Academy (HS2)
Mar-2012 - Present
A consumer agency that proposes that lawyers’ rates are too high wanted to estimate the mean hourly rate for all lawyers in New York City. A sample of 70 lawyers taken from New York City showed that the mean hourly rate charged by them is $420. The population standard deviation of hourly charges for all lawyers in New York City is $110.
a. Construct a 99% confidence interval for the mean hourly charges for all lawyers in New York City.
b. Suppose the confidence interval obtained in part a is too wide. How can the width of this interval be reduced? Discuss all possible alternatives. Which alternative is the best?
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Mea-----------n =----------- 42-----------0 s-----------igm-----------a =----------- 11-----------0 a-----------) F-----------or -----------99%----------- z -----------val-----------ue -----------= 2-----------.58----------- (z----------- is----------- us-----------ed -----------as -----------sam-----------ple----------- si-----------ze -----------is -----------lar-----------ge -----------and----------- po-----------pul-----------ati-----------on -----------std----------- de-----------v i-----------s k-----------now-----------n) -----------Mar-----------gin----------- of----------- er-----------ror----------- = -----------2.5-----------8 (-----------std----------- er-----------ror-----------)