Hi, someone please help me with this Descriptive Statistics problem: Price Milea
ID: 3260480 • Letter: H
Question
Hi, someone please help me with this Descriptive Statistics problem:
Price Mileage
N 75 75
Lo 94% CI 10926 64951
Mean 11548 71616
Up 94% CI 12169 78281
SD 2817.9 30218
Minimum 5888.0 16046
Median 11692 69995
Maximum 18530 135021
a. For your mileage variable, interpret the standard deviation by giving me a range in which you think “most” of the values (i.e., the x’s) will fall. (Hint: you may need to do some math here):
- PLEASE HELP
b .Give the 94% confidence interval endpoints you would use for estimating the population mean.
Lower 94% CI endpoint: 64951
Upper 94% CI endpoint: 78281
c.Give a practical interpretation for the interval specified in part b in the words of the problem.
- (is this correct?:) We are 94% confident that the mean mileage of all used cars lies between 64,951 and 78,281 miles.
d. Explain what you mean when you say that you are “94% confident” in the practical interpretation above in part c.
- (is this correct?:) In repeated sampling, 94% of the intervals created would capture the population mean of 71,616 miles, 6% would not.
e. What assumption(s) is/are necessary for this analysis to be valid? Make sure you state your answer in the words of the problem.
- PLEASE HELP
Thank you
Explanation / Answer
The answer to a-e are correctly given by you
f) Assumptions are-
a) The data must be sampled randomly.
b) The sample values must be independent of each other.
c) The sample size must be sufficiently large