PLEASE SHOWEXPLAIN YOUR WORK IN DETAIL FOR THE QUESTION BELOW. THAN.pdf

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PLEASE SHOW/EXPLAIN YOUR WORK IN DETAIL FOR THE QUESTION BELOW. THANKS! ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- Find the high and low values of the 95%, 50% and 5% confidence intervals given the Excel output below. You boss comments that the 0.02 margin of error appears to be the best since it is the smallest. Would you suggest using it? ------------------ Data ------------------ Mean 49.3 Standard Error 0.4 Median 49.2 Mode 68.1 Standard Deviation 11.2 Sample Variance 126.2 Kurtosis -0.4 Skewness 0.0 Range 63.6 Minimum 18.5 Maximum 82.2 Sum 49275.7 Count 1000 Confidence Level(95.0%) 0.70 --------------------------------------- Confidence Level(50.0%) 0.24 --------------------------------------- Confidence Level(5.0%) 0.02 --------------------------------------- Solution 95% CI =[48.6058,49.994] 50 % CI =[49.06,49.5388] 5 % CI =[49.2777,49.32222] No . Higher the confidence level the better.

PLEASE SHOW/EXPLAIN YOUR WORK IN DETAIL FOR THE QUESTION BELOW.
THANKS!
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Find the high and low values of the 95%, 50% and 5% confidence intervals given the Excel
output below.
You boss comments that the 0.02 margin of error appears to be the best since it is the smallest.
Would you suggest using it?
------------------
Data
------------------
Mean 49.3
Standard Error 0.4
Median 49.2
Mode 68.1
Standard Deviation 11.2
Sample Variance 126.2
Kurtosis -0.4
Skewness 0.0
Range 63.6
Minimum 18.5
Maximum 82.2
Sum 49275.7
Count 1000
Confidence Level(95.0%) 0.70
---------------------------------------
Confidence Level(50.0%) 0.24
---------------------------------------
Confidence Level(5.0%) 0.02
---------------------------------------
Solution

95% CI =[48.6058,49.994] 50 % CI =[49.06,49.5388] 5 % CI =[49.2777,49.32222]
No . Higher the confidence level the better

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1. PLEASE SHOW/EXPLAIN YOUR WORK IN DETAIL FOR THE QUESTION BELOW. THANKS! ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- Find the high and low values of the 95%, 50% and 5% confidence intervals given the Excel output below. You boss comments that the 0.02 margin of error appears to be the best since it is the smallest. Would you suggest using it? ------------------ Data ------------------ Mean 49.3 Standard Error 0.4 Median 49.2 Mode 68.1 Standard Deviation 11.2 Sample Variance 126.2 Kurtosis -0.4 Skewness 0.0 Range 63.6 Minimum 18.5 Maximum 82.2 Sum 49275.7 Count 1000 Confidence Level(95.0%) 0.70 --------------------------------------- Confidence Level(50.0%) 0.24 --------------------------------------- Confidence Level(5.0%) 0.02 --------------------------------------- Solution

2. 95% CI =[48.6058,49.994] 50 % CI =[49.06,49.5388] 5 % CI =[49.2777,49.32222] No . Higher the confidence level the better