Author Question: A marketing research company is estimating the average total compensation of CEOs in the service ... (Read 62 times)

NguyenJ · **on:** Feb 14, 2020

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.

ju · **Reply #1 on:** Feb 14, 2020

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