Q: Use Excel to generate descriptive statistics for the four profit values in Q9 and calculate the 95% confidence interval for the true expected value of the total profit. If this interval has the form [$N, $M], what is the value of M-N, i.e., what is width of the 95% confidence interval for the expected value of the total profit? Express the value in millions and choose the closest from the answers below.
or
Q: Compute the 95% confidence interval for the actual expected value of the total profit using Excel, and create descriptive statistics for each of the four profit numbers in Q9. What is M-N, or the breadth of the 95% confidence interval for the predicted value of the total profit, if this interval takes the form [$N, $M]? Decide which of the following responses best represents the value in millions.
- 9.2
- 2.9
- 1.4
- 4.6
Explanation: None of these options matches our calculated width of 11.04 million. There may be an error in my calculations or in the assumptions made regarding the profit values.
