You Are Considering the Use of Sampling to Determine the Average

question 87

Essay

You are considering the use of sampling to determine the average age of persons attending a movie at different times during the day.Assume that you have controlled sampling risk to 10 percent and estimate that the average age is 43 years with an associated precision of 10 years.
A. Form a precision interval based on your sampling application. What general conclusions can you draw from this precision interval?
A. Precision interval = 43 years + or - 10 years
Precision interval = 33 years to 53 years
B. Based on the precision interval from (a), how confident do you feel that the average age of the moviegoers is more than 35? Less than 60?
B. Because the lower bound of the precision interval (33 years) is less than 35 years, you could not reliably conclude that the average age of the moviegoers is more than 35 years. Because the upper bound of the precision interval (53 years) is less than 60 years, you could reliably conclude that the average age of the moviegoers is less than 60 years.

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Definitions:

Tariff

A tax imposed by a government on goods and services imported from other countries, used to restrict trade by increasing the price of imported goods and services.

Quota

A government-imposed trade restriction limiting the number or monetary value of goods that can be imported or exported during a particular period.

Domestic Producers

Manufacturers or producers that operate within a country's borders, contributing to the domestic economy.

Domestic Consumers

Individuals or households within a country that consume goods and services in their domestic market.