Question

TASK 3: TRUE LOVE! BUDGETING A WEDDING You and your college sweetheart are going to get married after graduation! You want to set the date, knowing you two with your awesome jobs lined up after going to such an amazing college, can save $2,500 per month. But when will you have enough money for the wedding? How much will it take? Your wedding planner has said that the mean price of weddings in the northeast is normally distributed and $25,000 with a standard deviation of $1,250. But you are not sure if that will be the same for you, given your unique requirements. You have asked the members of your wedding party to report back with mean wedding prices by sampling their friends and family who have had similar weddings in the northeast. Each member of your wedding party reported back to you with the means found in TABLE 4 from their samples of 9 weddings. TABLE 4: Means Reported back from Wedding Party $30,000 $45,000 $37,000 $39,000 $15,000 $22,000 $51,000 $25,000 $32,000 Use the data above to answer the following questions 1) Describe the method of sampling used and discuss its merits and deficiencies. Do you expect the results to be biased or not and why? 2) Identify the population, the population mean, H, and the population standard deviation, o 3) What is the statistics term used to describe the data in TABLE 4? 4) Calculate the sample mean, of all of the data values provided to you by your wedding party. 5) Calculate the mean of the sampling distribution of the sampling means, Mg. 6) Calculate the standard error of the mean, g. 7) Identify your point estimate. 8) Compute a 92% confidence interval for p. 9) Using the point estimate of the price of your wedding, how many months will it take you to save for the wedding? . TASK 4: WHAT??? SHE'S WHAT??? And then there were 3! Congratulations on your little bundle of joy! But how will you make sure your kid is smarter than all your friends' kids? You find out that reading to your child is directly correlated to your child's intelligence. So how much time is everyone else reading to their babies? Your research reveals that the amount of time parents read to their babies per day is normally distributed with a mean of 50 minutes and a standard deviation of 10 minutes. Calculate the minimum amount of time you need to read to your baby to be in the top 5% of times parents read to their babies.

Answer 1

1) One sample z-test.

The one-sample z-test can be used when the population is normally distributed, and the population variance is known.

The results are not biased because the population is normally distributed.

2) Population : Mean price of wedding

Population mean = $25,000

Population standard deviation = $1,250

3) Means

4) Sample mean = 32888.89

5) Mean = 32888.89