BUSINESS STATISTIC

Business Statistic



Business Statistic

Problems

Problem No. 1

a) Standard Error of Mean = (popstdev)/ vn

Thus, the standard error of mean is 350 / v196 = 25

b) (ME) Margin of Error = z (sub alpha / 2) x SE (Mean)

Thus, for 0.95 level of confidence with the z value of 1.96;

The margin of error is 1.96 x 25 = 49

c) For confidence interval of 0.95, the population mean will be;

= 2000 +/- 49 = 1951, 2049

Problem No. 2

a) s / vn = 40 / 10 = 4

b) Margin of error = Z a/2 * s = 1.96 x 4 = 7.84

c) 120 ...