Number Of Trading Days Per Year
PLEASE HELP ME WITH MY STATISTICS QUESTION !!!!!?
1) A random sample of n days un year 2000 shows that the number of shares of Philip Morris stock traded has mean of 11.19 and standard deviation of 4.84.
i) Contrust a 95%confidence interval for the population mean number of shares traded per day in 2000 when n= 121
ANS: 5.786, 4.0612
ii) Construct a 95% confidence interval for the population mean number of shares traded per day in 2000 when n=25
ANS: 12.8298, 8.8339968
QUESTION: Which of these two confidence intervals is wider? Explain
Please help !!!!
ii is wider.
The margin of error for ii is (12.8298 – 8.8339968)/2 = 1.998
The margin of error for i is (5.786 – 4.0612)/2 = .862
ii should be wider because it has a much smaller sample size, n = 25 vs n = 121 for i
Smaller sample sizes are associated with more error so, to have the same confidence level, the interval must be wider.
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