Suppose we want to calculate a 94% confidence interval for a sample mean with a sample size n=54. We ignore the variance of the variable in the population. What is the numerical value corresponding to the order quantile used in calculating the confidence interval? Show your approach

Name: Solved: Suppose we want to calculate a 94% confidence interval for a sample mean with a sample size n=54. We ignore the variance of the variable in the population. What is the numerical value corresponding to the order quantile used in calculating the confidence interval? Show your approach - MathMaster
Brand: MathMaster
Rating: 4.9 (251 reviews)

251

likes

1253 views

Answer to a math question Suppose we want to calculate a 94% confidence interval for a sample mean with a sample size n=54. We ignore the variance of the variable in the population. What is the numerical value corresponding to the order quantile used in calculating the confidence interval? Show your approach

$Expert avatar$

Tiffany

4.5

103 Answers

1. Determine the confidence level: 94%.

2. Calculate the significance level:

\alpha = 1 - 0.94 = 0.06

.

3. Divide the significance level by 2 to find the tail probability:

\alpha/2 = 0.03

.

4. The degrees of freedom for our sample is

n - 1 = 54 - 1 = 53

.

5. Look up the value in the t-distribution table corresponding to 53 degrees of freedom and a two-tailed probability of 0.06. Alternatively, you can use statistical software or a calculator.

The t-score that corresponds to a cumulative probability near (1 - 0.03) for 53 degrees of freedom is approximately

1.922

.

Thus, the numerical value is

1.922

Frequently asked questions (FAQs)

What is the radian measure of a full revolution around a circle?

Question: What is the general equation of a logarithmic function and how does it affect the graph shape when the base is greater than 1?

Question: Find the measure of angle YXZ if the angle bisector of angle ZXY splits it into two congruent angles measuring 40 degrees each.

New questions in Mathematics

Calculate to represent the function whose graph is a line that passes through the points (1,2) and (−3,4). What is your slope?

Solution to the equation y'' - y' - 6y = 0

CASE 6-1: PREPARE A PRODUCTION PLAN: WHAT PROBLEMS ARRIVE? Midwest Plastics Company has conducted profit planning for several years. The president stated (with justification) that inventory control and planning had not been satisfactory, which was mainly due to poor planning of production and inventory budgets. Please analyze and provide recommendations, in detail, on the issue regarding the 20B profit plan, which is now being prepared. Their analysis and recommendations will be presented to the executive committee. Despite the seasonality factor, the sales department has been successful in developing a sales plan, on a monthly basis, for each year. The following sales data is available for 20B. 1. Sales plan summary for 20B: 2. Finished goods inventory, as of January 1, 20B, is 96,000 units. 3. Work-in-process inventory will remain constant. 4. Actual annual sales in 20A, including the estimate for December, were 350,000 units. 5. The average finished goods inventory during 20A was 70,000 units. IT IS REQUESTED. 1. Prepare the annual production budget, assuming that management policy is to budget ending finished goods inventory at a standard quantity, based on the ratio of historical sales of 20A to inventory turnover. 2. Prepare a schedule showing sales, production, and inventory levels for each month, assuming: 1) stable inventory, 2) stable production, and 3) recommended inventory-production levels. In developing your recommendations, assume that the following policies have been established: a) The president has set the policy that a maximum inventory of 85,000 units and a minimum inventory of 75,000 units should be used, except in abnormal circumstances. b) A stable level of production is definitely preferred, except that during the holiday season in July and August, production may be reduced by 25 percent. Likewise, a variation in production of 7.5 percent above and below the average level is acceptable. 3. What are the main problems faced by the company in production planning? Make your general recommendations.

2x-y=5 x-y=4