Find the critical value for a 95% confidence interval given a sample size of 6.
Table of contents
- 1. Intro to Stats and Collecting Data1h 14m
- 2. Describing Data with Tables and Graphs1h 56m
- 3. Describing Data Numerically2h 5m
- 4. Probability2h 16m
- 5. Binomial Distribution & Discrete Random Variables3h 6m
- 6. Normal Distribution and Continuous Random Variables2h 11m
- 7. Sampling Distributions & Confidence Intervals: Mean3h 23m
- Sampling Distribution of the Sample Mean and Central Limit Theorem19m
- Distribution of Sample Mean - Excel23m
- Introduction to Confidence Intervals15m
- Confidence Intervals for Population Mean1h 18m
- Determining the Minimum Sample Size Required12m
- Finding Probabilities and T Critical Values - Excel28m
- Confidence Intervals for Population Means - Excel25m
- 8. Sampling Distributions & Confidence Intervals: Proportion2h 10m
- 9. Hypothesis Testing for One Sample5h 8m
- Steps in Hypothesis Testing1h 6m
- Performing Hypothesis Tests: Means1h 4m
- Hypothesis Testing: Means - Excel42m
- Performing Hypothesis Tests: Proportions37m
- Hypothesis Testing: Proportions - Excel27m
- Performing Hypothesis Tests: Variance12m
- Critical Values and Rejection Regions28m
- Link Between Confidence Intervals and Hypothesis Testing12m
- Type I & Type II Errors16m
- 10. Hypothesis Testing for Two Samples5h 37m
- Two Proportions1h 13m
- Two Proportions Hypothesis Test - Excel28m
- Two Means - Unknown, Unequal Variance1h 3m
- Two Means - Unknown Variances Hypothesis Test - Excel12m
- Two Means - Unknown, Equal Variance15m
- Two Means - Unknown, Equal Variances Hypothesis Test - Excel9m
- Two Means - Known Variance12m
- Two Means - Sigma Known Hypothesis Test - Excel21m
- Two Means - Matched Pairs (Dependent Samples)42m
- Matched Pairs Hypothesis Test - Excel12m
- Two Variances and F Distribution29m
- Two Variances - Graphing Calculator16m
- 11. Correlation1h 24m
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- Linear Regression & Least Squares Method26m
- Residuals12m
- Coefficient of Determination12m
- Regression Line Equation and Coefficient of Determination - Excel8m
- Finding Residuals and Creating Residual Plots - Excel11m
- Inferences for Slope31m
- Enabling Data Analysis Toolpak1m
- Regression Readout of the Data Analysis Toolpak - Excel21m
- Prediction Intervals13m
- Prediction Intervals - Excel19m
- Multiple Regression - Excel29m
- Quadratic Regression15m
- Quadratic Regression - Excel10m
- 13. Chi-Square Tests & Goodness of Fit2h 21m
- 14. ANOVA2h 28m
7. Sampling Distributions & Confidence Intervals: Mean
Confidence Intervals for Population Mean
Multiple Choice
You want to purchase one of the new Altima. You randomly select 400 dealerships across the United States and find a mean of \$25,000 and sample standard deviation of \$2500. Construct and interpret a 94% confidence interval for the true mean price for the new Nissan Altima.
A
(24996.25, 25003.75); We are 94% confident that the true mean price for the new Nissan Altima falls between \$24996.25 and \$25003.75.
B
(24999.25, 25000.24); We are 94% confident that the true mean price for the new Nissan Altima falls between \$24999.25 and \$25000.24.
C
(24984.912, 25015.088); We are 94% confident that the true mean price for the new Nissan Altima falls between \$24984.912 and \$25015.088.
D
(24764.25, 25235.75); We are 94% confident that the true mean price for the new Nissan Altima falls between \$24764.25 and \$25235.75.
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Verified step by step guidance1
Identify the sample mean (\( \bar{x} \)) and sample standard deviation (\( s \)) from the problem. Here, \( \bar{x} = 25000 \) and \( s = 2500 \).
Determine the sample size (\( n \)), which is given as 400 dealerships.
Select the confidence level, which is 94%. This will help you find the critical value (\( z^* \)) from the standard normal distribution table.
Calculate the standard error of the mean using the formula \( \text{SE} = \frac{s}{\sqrt{n}} \). Substitute \( s = 2500 \) and \( n = 400 \) into the formula.
Construct the confidence interval using the formula \( \bar{x} \pm z^* \times \text{SE} \). Substitute the values of \( \bar{x} \), \( z^* \), and \( \text{SE} \) to find the interval.
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