Create and Interpret a Confidence Interval for the Population Mean (CI for µ) List the summary statistics (i.e. sample average, sample standard deviation, sample size, and anything else you would like to include) for the PRICE variable.

Use your data set and summary statistics from Part 1 of the Project, to answer the following questions. Put your results in a semi-professional looking report. Make sure to include your name, date, title, page numbers, etc. If there were any invalid responses in your data, you will want to eliminate these responses from your sample and mention that this was done in the intro or conclusion of your paper. For this project, use the PRICE variable and your qualitative variable that isn’t color (either: sustained damage or not, convertible or not, or single owner or not). A. Create and Interpret a Confidence Interval for the Population Mean (CI for µ) List the summary statistics (i.e. sample average, sample standard deviation, sample size, and anything else you would like to include) for the PRICE variable. Create a 95% CI for the true mean of your PRICE variable. (Note: you do not need to show your work). Practically interpret this confidence interval. Theoretically interpret the phrase “95% confident.” B. Create and Interpret a Confidence Interval for p (CI for p) State the number of vehicles who are in each of the two groups for your qualitative variable that isn’t color and the total sample size. For example, if your non-color qualitative variable was single owner or not single owner, then I would state something like, “30 Camaros were sampled. Of those 30 Camaros, 17 had a single owner and 13 had more than one owner”).

Pick one of the levels as a “success” then calculate �^ and interpret that value. Optionally, you may also want to calculate 1 – �^. Create a 95% CI for p. (You do not need to show your calculations) Practically interpret this confidence interval. Theoretically interpret the phrase “95% confident.” C. Optional You may wish to include an introduction, conclusion, check your assumptions, etc. However, this will not be a part of your grade. Tips: Watch the lesson videos inside the modules! The practical interpretation and theoretical interpretation of confidence intervals (in general) are explained towards the end of the Section 8.2 lesson video (you can copy the theoretical interpretation at the end of the video, just change the percent confidence to the percent confidence for this project and “p” to “mu” when doing the theoretical interpretation for a CI for mu). The practical interpretation for a confidence interval for mu (the population mean) is demonstrated towards the end of the Section 8.3 lesson video. The practical interpretation for the confidence interval for p (the population proportion) is demonstrated in the Section 8.2 lesson video. You can essentially treat this interpretation as a fill in blanks (filling in your variable, population, confidence interval, and units of measurement). You do not need to show your worked out calculations of the confidence interval, so you can use StatCrunch or calculator to construct it if you prefer to do that over the formulas). See the StatCrunch Tutorials in the modules for assistance.

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