thelazyman
Junior Member
- Joined
- Jan 14, 2006
- Messages
- 58
There is a random sample of 1000 members, and the sample mean income, xbar, is 900$. it is also given that mu= $1000 and variance = 10000--squared.
a) Given that u= 1000$, what is the probability of obtaining such a sample mean value?
b) Based on the sample mean, establish a 95% confidence interval for mu, and find out if this confidence interval includes mu = 1000$. IF it does not, what conclusions would you draw.
So I got A, by doing the following
t = X bar - mu/ S/ , so then i got 900-1000/100/31.6 = 100/3/16 = -31.6, and since z< -31.6 tghe probability will be 0.
Okay now for part B, this is where i hit a roadblock.i know for the 95% confidence interval, you have to try to find the critical t values, but the equation is the same. I am wondering how can i get this info based on the data, the answer is 893.8019<mux<906.1981.
Please help! Im so stuck right now.
a) Given that u= 1000$, what is the probability of obtaining such a sample mean value?
b) Based on the sample mean, establish a 95% confidence interval for mu, and find out if this confidence interval includes mu = 1000$. IF it does not, what conclusions would you draw.
So I got A, by doing the following
t = X bar - mu/ S/ , so then i got 900-1000/100/31.6 = 100/3/16 = -31.6, and since z< -31.6 tghe probability will be 0.
Okay now for part B, this is where i hit a roadblock.i know for the 95% confidence interval, you have to try to find the critical t values, but the equation is the same. I am wondering how can i get this info based on the data, the answer is 893.8019<mux<906.1981.
Please help! Im so stuck right now.