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suppose that an accounting firm does a study to determine the time needed to complete one...

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Statistics

suppose that an accounting firm does a study to determine the timeneeded to complete one persons tax forms. it randomly surveys 100people. the sample mean is 23.6 hours. there is a known standarddeviation of 7.0 hours. the population distribution is assumed tobe normal.
a) if the firm wished to increase it level of confidence andkeep the error bound the same by taking another survey, whatchanges should it make?

b) if the firm did another survey, kept the error bound thesame, and only surveyed 49 people, what would happen to the levelof confidence? why?

c) suppose that the firm decided that it needed to be at least96% confident of the population mean length of time to within onehour. how would the number of peopke the firm surveys change?why?

Answer & Explanation Solved by verified expert
4.3 Ratings (907 Votes)
Part aPopulation standard deviation 7 hoursAccording to the error bound formulawhere sigma is the population standard deviation n is thesample size and z is the critical value for 96 confidenceintervalWhen we increase the confidence level the z value    See Answer
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