Math Problem Statement
Use the confidence interval to find the estimated margin of error. Then find the sample mean. A store manager reports a confidence interval of left parenthesis 48.8 comma 81.0 right parenthesis when estimating the mean price (in dollars) for the population of textbooks. Question content area bottom Part 1 The estimated margin of error is enter your response here. (Type an integer or a decimal.)
Solution
To calculate the estimated margin of error from the confidence interval , we can use the following formula:
In this case:
So, the estimated margin of error is 16.1.
For the sample mean, we can calculate it by finding the midpoint of the confidence interval:
Thus, the sample mean is 64.9.
Would you like further explanation or have any questions about this process?
Here are some related questions to delve deeper:
- How does changing the confidence level affect the margin of error?
- What assumptions are necessary for using a confidence interval in this context?
- How would we interpret this confidence interval in terms of textbook prices?
- How can we use this confidence interval to make business decisions in the store?
- What role does sample size play in determining the width of a confidence interval?
Tip: The margin of error increases as the confidence level increases, reflecting more certainty in capturing the population mean within the interval.
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Math Problem Analysis
Mathematical Concepts
Confidence Interval
Margin of Error
Sample Mean
Statistics
Formulas
Margin of Error = (Upper Bound - Lower Bound) / 2
Sample Mean = (Upper Bound + Lower Bound) / 2
Theorems
Central Limit Theorem
Suitable Grade Level
Grades 9-12
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