Confidence Intervals for the Mean sigma knownMain PostAssuming .05 as your alpha value, make up a problem similar to this one. Make up 36 gas prices for your example. Use price values in your list that some you made up and be sure they are similar to the prices you have had in your area. List the values in your post.Instructions for your response. You will respond to at least 2 classmates.In your response, describe what you did and give the mean, standard deviation and confidence interval.Example below:First find the mean. List all 36 gas prices in cells A1 to A36 in your excel spreadsheet.On a different cell type in =average(A1:A36) and the hit enter to find the averageAssume your answer is 2.65On a different cell type in =stdev.s(A1:A36) or =stdevA(A1:A36) and enter to find the standard deviationAssume your answer is .43Then type this in an excel cell =confidence(.05,.43,36) and hit enter. This is the E valueSo take the mean of 2.65 and you have (2.65-E, 2.65+E) for your confidence intervalFormula you used above for the confidence interval:The formula is E= zsubc * sigma / sqrt nWhere the left hand endpoint is xbar – E and the right hand endpoint is xbar + EJust a review of your instructions:First you will make up a problem with alpha = .05 and give the values for the problem. This is your main post.Then will make 2 responses explaining all work and giving the solutions to 2 classmates problems.Instructions: Your initial post should be at least 250 words. Please respond to at least 2 other students. Responses should be a minimum of 100 words and include direct questions.To earn full credit for this forum, you must respond to at least two (2) of your peers and post your initial post by Thurs.Initial Post Due: Thursday, by 11:55pm, ETResponses Due: Sunday, by 11:55pm, ET. *Only during the first week of class are assignments not due until 11:55 p.m., ET, Sunday. After Week 1, all initial posts will be due Thursday, by 11:55pm, ET.Rubric for grading forums: 60% – Initial Post; 20% – Each Response up to 2 postsPlease sign ALL your Forum posts with the name that you like to be called – it makes it so much easier for the rest of us to address you by your preferred name when we respond.
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Responding to Student 1
Here are the totals for 36 customers that go into the ice cream parlor and buy ice cream:
When assuming that the alpha value is .05, determine the confidence interval.
What is the average price of their ice cream?
What is the standard deviation of all 36 totals?
Responding to Student 2
I have 36 different gas prices that varies during tornado season here in East Texas. The prices
are as follows:
Along with figuring out the average of all 36 gas prices, I would like to also know the Standard
Deviation of the gas prices.
Assuming the alpha value is .05, I would like to determine the confidence level with both the left
tail and right tail.
It took me some time to build this question so if I did something wrong, please let me know. I
appreciate you attempting to answer this question and if you need any clarification, please let me
Price of Ice Cream
Gas Prices in the East Teaxas Area (during Tornado Season)
**Assuming alpha value of .05
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