You want to purchase one of the new Altimas. You randomly select 400 dealerships across the United States and find a mean of \$25,000 and sample standard deviation of \$2500. Construct and interpret a 94% confidence interval for the true mean price for the new Nissan Altima.
Table of contents
- 1. Introduction to Statistics53m
- 2. Describing Data with Tables and Graphs2h 1m
- 3. Describing Data Numerically2h 8m
- 4. Probability2h 26m
- 5. Binomial Distribution & Discrete Random Variables3h 28m
- 6. Normal Distribution & Continuous Random Variables2h 21m
- 7. Sampling Distributions & Confidence Intervals: Mean3h 37m
- Sampling Distribution of the Sample Mean and Central Limit Theorem19m
- Distribution of Sample Mean - Excel23m
- Introduction to Confidence Intervals22m
- Confidence Intervals for Population Mean1h 26m
- Determining the Minimum Sample Size Required12m
- Finding Probabilities and T Critical Values - Excel28m
- Confidence Intervals for Population Means - Excel25m
- 8. Sampling Distributions & Confidence Intervals: Proportion1h 33m
- 9. Hypothesis Testing for One Sample3h 32m
- 10. Hypothesis Testing for Two Samples4h 49m
- Two Proportions1h 12m
- Two Proportions Hypothesis Test - Excel28m
- Two Means - Unknown, Unequal Variance1h 2m
- Two Means - Unknown Variances Hypothesis Test - Excel12m
- Two Means - Unknown, Equal Variance15m
- Two Means - Unknown, Equal Variances Hypothesis Test - Excel9m
- Two Means - Known Variance12m
- Two Means - Sigma Known Hypothesis Test - Excel21m
- Two Means - Matched Pairs (Dependent Samples)42m
- Matched Pairs Hypothesis Test - Excel12m
- 11. Correlation1h 24m
- 12. Regression1h 59m
- 13. Chi-Square Tests & Goodness of Fit2h 31m
- 14. ANOVA2h 1m
7. Sampling Distributions & Confidence Intervals: Mean
Confidence Intervals for Population Mean
Struggling with Statistics for Business?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Find each probability.
(A)
A
0.086
B
0.089
C
0.084
D
0.173
Verified step by step guidance1
Step 1: Understand the problem. We are tasked with finding the probability P(T > 1.5) for a t-distribution with degrees of freedom (df) = 8. This involves using the t-distribution table or a statistical software/calculator.
Step 2: Recall the properties of the t-distribution. The t-distribution is symmetric and centered at 0. The area under the curve represents probabilities, and we are looking for the area to the right of T = 1.5.
Step 3: Use the t-distribution table or statistical software. Locate the row corresponding to df = 8 in the t-distribution table. Find the value of T = 1.5 and determine the area to the right of this value. If using software, input the parameters (T = 1.5, df = 8) to calculate P(T > 1.5).
Step 4: If using the t-distribution table, note that the table typically provides the cumulative probability (area to the left of T). To find P(T > 1.5), subtract the cumulative probability from 1: P(T > 1.5) = 1 - P(T ≤ 1.5).
Step 5: Compare the calculated probability with the given answer choices (0.086, 0.089, 0.084, 0.173) to identify the correct answer.
Watch next
Master Population Standard Deviation Known with a bite sized video explanation from Patrick
Start learningRelated Videos
Related Practice
Confidence Intervals for Population Mean practice set

