A gift shop advertises that they stock 500 items that are priced under $50. A sample of
Question:
A gift shop advertises that they stock 500 items that are priced under $50. A sample of 49 items are randomly selected and the sample mean price is $40, with a sample standard deviation of 9. Develop a 99% confidence interval for the population mean price. Is the gift shop advertisement true?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
The advertisement is likely tr...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Basic Statistics For Business & Economics
ISBN: 9781259268939
6th Canadian Edition
Authors: Douglas A. Lind, William G Marchal, Samuel A. Wathen, Carol Ann Waite
Question Posted:
Students also viewed these Mathematics questions
-
A certain population has a mean of 500 and a standard deviation of 30. Many samples of size 36 are randomly selected and the means calculated. a. What value would you expect to find for the mean of...
-
A soil scientist is studying the potassium content of three major soil types in Texas. For each of the three soil types, the scientist randomly selects five sites in which this soil type is the...
-
The Newport Diner records the times (min) it takes before customers are asked for their order. Each day, 50 customers are randomly selected and the order is considered to be defective if it takes...
-
Which of the following statements represent(s) how expenses affect equity? If expenses increase, then total equity decreases. If expenses decrease, then equity will decrease. Higher expenses result...
-
What is the mass in grams of a single atom of each of the following elements? (a) As, (b) Ni.
-
(a) How are the boundaries between the regions of the atmosphere determined? (b) Explain why the stratosphere, which is about 35 km thick, has a smaller total mass than the troposphere, which is...
-
Retrieve the S&S In-Chapter Database (in Microsoft Access format) from the texts Web site (or create the set of relational tables in Table 4-5 in any relational DBMS product to which you have...
-
Moje, Inc., manufactures travel locks. The budgeted selling price is $19 per lock, the variable cost is $8 per lock, and budgeted fixed costs are $15,000. Requirement 1. Prepare a flexible budget for...
-
Consider a firm with an EBIT of $865,000. The firm finances its assets with $2,650,000 debt (costing 7.9 percent and is all tax deductible) and 550,000 shares of stock selling at $6.00 per share. To...
-
You bought a share of 4 percent preferred stock for $94.89 last year. The market price for your stock is now $96.12. What was your total return for last year?
-
Thirty-six items are randomly selected from a population of 300 items. The sample mean is 35, and the sample standard deviation is 5. Develop a 95% confidence interval for the population mean.
-
Sixty items are randomly selected from a population of 900. The number of defective items is found to be 12. Develop a 95% confidence interval for the population proportion of defective items.
-
On January 1, 2014, you deposited $6,000 in a savings account. The account will earn 10 percent annual compound interest, which will be added to the fund balance at the end of each year. Required...
-
What are some indications of the recognition given to internal auditing by other organizations?
-
In 2003, Kimberlie Webb, a practicing Muslim and police officer since 1995, requested permission from her employer, the Philadelphia Police Department, to wear a khimar, a head scarf extending to the...
-
Describe a simple common-source MOSFET circuit with an n-channel enhancement-mode device and discuss the relation between the drain-to-source voltage and gate-to-source voltage.
-
What is the extent of the internal auditing responsibility as described in the chapter? Explain any limitations.
-
What is the difference between evaluating and suggesting internal controls at the design stage and actually designing the control system for management? Why is the distinction important?
-
Draw all possible stereo-isomers for each of the following compounds. Each possible Stereo-isomer should be drawn only once: a. b. c. d. e.
-
A simple random sample of 220 university students were asked what pasta they usually order and with which sauce. The preferences of these respondents are summarised below: Sauce Bolognese Pasta...
-
In the NCAA basketball tournament, 64 teams compete in 63 games during six rounds of single elimination bracket competition. During the Sweet Sixteen competition (the third round of the tournament),...
-
Suppose that you hold 20 out of a total of 500 tickets sold for a lottery. The grand-prize winner is determined by the random selection of one of the 500 tickets. Let G be the event that you win the...
-
Characteristics of physicians are collected and recorded by the American Medical Association in Physician Characteristics and Distribution in the US. The preceding table is a contingency table for...
-
Consider a 3-month put option. Suppose that the underlying stock price is $25, the strike $26, the interest rate is 5% p.a., stock volatility is 6% per month. Use the same data to answer questions a)...
-
Nolan buys a $ 1 2 , 0 0 0 , 1 3 - week Treasury bill at 5 % . What's his effective rate, rounded to the nearest hundredth of a percent? A . 5 . 6 0 % B . 5 . 0 6 % C . 5 0 6 % D . 5 0 . 6 %
-
This question: 1 point(s) possib NPV profile of a project. Given the following cash flow of Project L-2, draw the NPV profile. Hint: Be sure to use a discount rate of zero for one intercept (y-axis)...
Study smarter with the SolutionInn App