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Write a 350 to 700 word memo in which you discuss the confidence intervals and how they affect your business decision on: 99% = 11.84112937 98% =...
Write a 350 to 700 word memo in which you discuss the confidence intervals and how they affect your business decision on:99% = 11.8411293798% = 10.6942591797% = 9.97594090396% = 9.44111727995% = 9.00998644290% = 7.561418983Now, these values are based on the fact that the price is listed as, for example, 263.1 instead of 263,100, so keep that in mind with these values.So for example, the data gives a mean of 221.1028571, and at a 95% confidence level, the mean of the population this is sampled is between 212.092870658 and 230.112843542 (in other words, 221.1028571 +/- 9.009986442).As a ratio value, the 95% confidence level in this case only drifts 19% of 1 standard deviation away from the sample mean in either direction (and only %25 drift with a 99% confidence), which leads me to believe this is a data set that is in fact representative of the population.
