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Author Question: A survey of 100 businesses revealed that the mean after-tax profit was 80,000 . Assume the ... (Read 48 times)

stevenposner

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on: Jun 24, 2018
A survey of 100 businesses revealed that the mean after-tax profit was 80,000 . Assume the population standard deviation is 15,000:
 a. Determine the 95 confidence interval estimate of the mean after-tax profit for all businesses.
  b. Explain why you can use the confidence interval formula here, even though the population is not necessarily normal.

Question 2

The total variation in y is equal to SSR + ___________________ _.
 Fill in the blank(s) with correct word


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asdfasdf

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Reply #1 on: Jun 24, 2018
Answer to Question 1

a. LCL = 77,060 and UCL = 82,940.
b. By the Central Limit Theorem, as long as n is large (and 100 is considered large), the sample means have an approximate normal distribution.

Answer to Question 2

SSE
sum of squares for error


stevenposner

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Reply 2 on: Jun 24, 2018
Thanks for the timely response, appreciate it

kishoreddi

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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