Question

Use the following information to answer the question. The economic impact of an industry, such as sport fishing, can be measured by the retail sales it generates. In 2006, the economic impact of great lakes fishing in states bordering the great lakes had a mean of $318 and a standard deviation of $83.5. Note that all dollar amounts are in millions of dollars. Assume the distribution of retail sales is unimodal and symmetric. (Source: National Oceanic and Atmospheric Administration). For what percentage of great lakes states would you expect the economic impact from fishing to be between $234.5 and $401.5 (in millions of dollars)? ( Hint use the empirical rule)

Answer 1

The percentage of great lakes states would we expect the economic impact from fishing to be between $234.5 and $401.5 is 50%.

Given that mean is $318 , standard deviation is $83.5 and confidence interval is $234.5 and $401.5.

We have to calculate the percentage of great  lakes that we would expect the economic impact from fishing to be between $234.5 and $401.5.

Because we have not given the sample size taken so we will use any test.We are using z test.

We know that,

z=X-μ/σ

where μ is population mean and σ is population standard deviation.

We cannot find p value between $234.5 and $401.5. We have to find the p value between $234.5 and $318 and then add the p value between $318 and $401.5 by calculating.

P value between $234.5 and $318:

z=234.5-318/83.5

=-83.5/83.5

=-1

p value of -1 is 0.1587

P value between $318 and $401.5:

z=401.5-318.5/83.5

=83.5/83.5

=1

p value of z=1 is 0.3413

Total p value=0.1587+0.3413

=0.5

Total percentage=0.5*100

=50%

Hence the percentage that we would expect the impact to be between $234.5 and $401.5 is 50%.

Learn more about z test at https://brainly.com/question/14453510

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