Question 1
How much money does the average professional football fan spend on food at a single football game? That question was posed to 10 randomly selected football fans. The sample results provided a sample mean and standard deviation of $14.00 and $2.50, respectively. Use this information to construct a 90% confidence interval for the mean.
◦ 14 ± 1.833(2.50/
)
◦ 14 ± 1.796(2.50/
)
◦ 14 ± 1.812(2.50/
)
◦ 14 ± 1.383(2.50/
)
Question 2
A marketing research company is estimating the average total compensation of CEOs in the service industry. Data were randomly collected from 18 CEOs and the 99% confidence interval for the mean was calculated to be
Explain what the phrase "99% confident" means.
◦ 99% of the similarly constructed intervals would contain the value of the sample mean.
◦ In repeated sampling, 99% of the intervals constructed would contain
μ.
◦ 99% of the population values will fall within the interval.
◦
% of the sample means from similar samples fall within the interval.
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