수Hoping to lure more shoppers downtown, a city builds a newpublic parking garage in the central business district. The cityplans to pay for the structure through parking fees. For a randomsample of 44 weekdays, daily fees collected averaged $126,with a standard deviation of $15. Suppose that for budgetplanning purposes, the city needs a better estimate of the meandaily income from parking fees. Complete parts (a) through (c)....(a) Someone suggests that the city use its data to create a 95%confidence interval instead of the 90% interval the city firstcreated. Would this increased interval be better for the city?(You need not actually create the interval.)OA. Yes. A 95% confidence level gives increasedconfidence that the mean parking revenue is containedwith the interval.OB. Yes. A 95% confidence level means that more peoplewere sampled so the interval is more accurate.C. No. There is no significant difference between using the90% confidence level and the 95% confident level.(b) Would the 95% confidence interval be worse for theplanners?A. Yes. The increased confidence level creates a widerinterval and is, therefore, less precise.B. Yes. A 95% confidence level creates a narrower intervaland is, therefore, more precise and will cost theplanners more money.OC. No. The increased confidence interval would not beworse for the planners.(c) How could they achieve a confidence interval estimate thatwould better serve their planning needs?OA. The city officials and planner could compromise anduse a 92.5% confidence interval.OB. They could collect a larger sample which would createa more precise interval without sacrificing confidence.OC. They could include the weekend parking fees in thesample.

To construct the confidence interval for population mean, there are three components needed as…

Hoping to lure more shoppers downtown, a city builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees. For a random sample of 44 weekdays, daily fees collected averaged $126, with a standard deviation of $15. Suppose that for budget planning purposes, the city needs a better èstimate of the mean daily income from parking fees. Complete parts (a) through (c). .. (a) Someone suggests that the city use its data to create a 95% confidence interval instead of the 90% interval the city first created. Would this increased interval be better for the city? (You need not actually create the interval.) OA. Yes. A 95% confidence level gives increased confidence that the mean parking revenue is contained with the interval. OB. Yes. A 95% confidence level means that more people were sampled so the interval is more accurate. OC. No. There is no significant difference between using the 90% confidence level and the 95% confident level. (b) Would the 95% confidence interval be worse for the planners? OA. Yes. The increased confidence level creates a wider interval and is, therefore, less precise. OB. Yes. A 95% confidence level creates a narrower interval and is, therefore, more precise and will cost the planners more money. OC. No. The increased confidence interval would not be worse for the planners. (c) How could they achieve a confidence interval estimate that would better serve their planning needs? OA. The city officials and planner could compromise and use a 92.5% confidence interval. OB. They could collect a larger sample which would create a more precise interval without sacrificing confidence. OC. They could include the weekend parking fees in the sample.

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.5: Comparing Sets Of Data

Problem 13PPS