A recent study by the Greater Los Angeles Taxi Drivers Association showed that the mean fare charged for service from Hermosa Beach to the Los Angeles International Airport is $18.00 and the standard deviation is $3.50. We select a sample of 15 fares.
a. What is the likelihood that the sample mean is between $17.00 and $20.00?
b. What must you assume to make the above calculation?
a. The sample mean is M = 18, the SD=3.5 and sample size N =15
Then standard error = SD/SQRT(N) = 3.5/sQRT(15) = 0.90
Compute z values:
Z1 = ...
Calculations for determining Z values and probability are provided along with an interpretation of the results are determined.