Take Home Assignment 4 ECON1003
Semester 2 2020 Newcastle Business School
WEEK 9
Instructions
- Every two (2) weeks, commencing from Week 3, you are required to complete a Take Home Assignment. Each Assignment is worthy 6%.
- The grades for the best five (5) of the six (6) Take Home Assignments will be selected and will be worth 30% of the total mark for this course.
- Submit your assignment through Turnitin by Friday 11:59PM AEST
- Do attach a Cover Sheet to the assignment, which is downloadable from the Bb site in folder Assessment-Assignments. You may decide to submit your answers as handwritten or typed.
- You may be required to use MS Excel to answer some of the questions.
Question 1
A survey of 100 retailers revealed that the mean after-tax profit was $80 000. Assuming
that the population standard deviation is $15 000, determine the 95% confidence interval estimate of the mean after-tax profit for all retailers.
Question 2
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.
Determine the 99% confidence interval estimate of the population mean.
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