STATISTICAL TECHNIQUES AND TOOLS
SAMPLING DISTRIBUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A sample of 40 people owned an average of 1.35 apple products. It is known from a previous study that the population standard deviation of apple product ownership is 0.63 products. Construct a 95% confidence interval.
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(1.11, 1.58)
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(1.15, 1.55)
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(1.19, 1.51)
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(1.09, 1.61)
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Explanation:
Detailed explanation-1: -To be 95% confident that the true value of the estimate will be within 5 percentage points of 0.5, (that is, between the values of 0.45 and 0.55), the required sample size is 385. This is the number of actual responses needed to achieve the stated level of accuracy.
Detailed explanation-2: -Calculating a C% confidence interval with the Normal approximation. ˆp±z√ˆp(1−ˆp)n, where the value of z is appropriate for the confidence level. For a 95% confidence interval, we use z=1.96, while for a 90% confidence interval, for example, we use z=1.64.
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