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ECO 502 Decision Making

tag 0 Download 6 Pages / 1,348 Words tag 05-10-2021

Questions:

Question 1(a) 
        
Suppose that the amount of time teenagers spend on the Internet is normally distributed, with a standard deviation of 1.5 hours. A sample of 100 teenagers is selected at random, and the sample mean is computed as 6.5 hours. 

(i) Determine the 99% confidence interval estimate of the population mean. 
(ii) Determine the 95% confidence interval estimate of the population mean, changing the sample size to 300. 
(iii) Comment on how the confidence interval and changes to sample size will impact on the interval estimates.  

Question 1(b)

The amount of time spent by Australian adults playing sports per day is normally distributed, with a mean of 4 hours and standard deviation of 1.25 hours. Use this information to answer the following question(s).

(i) Find the probability that a randomly selected Australian adult plays sport for more than 5 hours per day. 
(ii) Find the probability that if four Australian adults are randomly selected, their average number of hours spent playing sport is more than 5 hours per day. 
(iii) Find the probability that if four Australian adults are randomly selected, all four play sport for more than 5 hours per day 
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