Below you are given ages that were obtained by taking a random sample of 6 undergraduate instructors at a university.Assume the population has a normal distribution. 
a.
What is the point estimate of μ?
b.
Determine the standard deviation.
c.
Construct a 90% confidence interval for the average age of undergraduate instructors.
d.
Construct a 99% confidence interval for the average age of undergraduate instructors.
e.
Discuss why the 90% and 99% confidence intervals are different.
Definitions:
Conglomerate Merger
A type of merger where two or more companies in unrelated business sectors combine.
Monopolizing
involves the domination of a market by a single producer or company, reducing competition and potentially controlling prices and supply in that market.
Abusive Means
Practices or methods that are harmful, manipulative, or intended to exploit or oppress individuals or groups.
Herfindahl Index
A measure of market concentration that calculates the sum of the squares of the market shares of the firms within an industry, used to assess the competition level.
Q17: If A and B are independent events
Q22: We can use the normal distribution to
Q23: You are given the following information obtained
Q28: A random variable that may take on
Q37: Consider the following sample information from Population
Q52: Doubling the size of the sample will<br>A)
Q70: A random sample of 95 students at
Q89: A weatherman stated that the average temperature
Q99: The difference between the largest and the
Q127: Read the t statistic from the t