Question 5 A consumer agency that proposes that lawyers' rates are too high wanted to estimate the mean hourly rate for all lawyers in New York City. A sample of 70 lawyers taken from New York City...

Extracted text: Question 5 A consumer agency that proposes that lawyers' rates are too high wanted to estimate the mean hourly rate for all lawyers in New York City. A sample of 70 lawyers taken from New York City showed that the mean hourly rate charged by them is $420. The population standard deviation of hourly charges for all lawyer in New York City is $110. (a) What is point estimate of the corresponding population? (b) Make a 90% confidence interval for the mean hourly charges for all lawyers in New York City, explain your result and what the margin of error of estimate for u is. (c) Construct 98% confidence interval for the mean hourly charges for all lawyers in New York City, explain your result and what is the margin of error of estimate for p.