Question:5
- What is meant by the standard error of the mean?
- What is meant by a Type I and a Type II error?
- What is the difference between a one and two tail test?
- In September 2019, a Travel Agent used a random sample of 36holiday makers to find out the average cost per person of a oneweek holiday in Queen Elizabeth National Park. The followinginformation was found:
September 2019
         Mean                      $372.40
        Standarddeviation $26.10
        Sample size36
In the previous year the average cost of each holiday was$356.20.
- Test whether the cost of a one week holiday to Queen ElizabethNational Park has increased significantly since the previousyear.
- The company based its views on customer satisfaction from theletters it receives. In the previous year, 68% of the letters itreceived were of a positive nature.
The company wishes to adopt a morescientific approach to estimating customer satisfaction.
What sample size would be needed toestimate the proportion of customers’ views to within 2% of thetrue figure at the 95% confidence limit andInterval                                 Â
