The manufacturers of Cortez automotive oil wish to estimate the mean number of miles that motorist...
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The manufacturers of Cortez automotive oil wish to estimate the mean number of miles that motorist drive between oil changes. A random sample of 54 motorists has a mean of 5900 miles driven between oil changes. Assume that the population standard deviation is 1350 miles. Construct and interpret a 95% confidence interval estimate for the mean number of miles driven between oil changes. Step 1: Define the population of interest and select a simple random sample. Step 2: Specify the confidence level. Step 3: Compute the sample mean. Step 4: Determine the standard error of the sampling distribution. Step 5: Determine the critical value, z, from the standard normal distribution table. Step 5: Determine the critical value, z, from the standard normal distribution table. Step 6: Compute the confidence interval estimate. Business Implication: The manufacturers of Cortez automotive oil wish to estimate the mean number of miles that motorist drive between oil changes. A random sample of 54 motorists has a mean of 5900 miles driven between oil changes. Assume that the population standard deviation is 1350 miles. Construct and interpret a 95% confidence interval estimate for the mean number of miles driven between oil changes. Step 1: Define the population of interest and select a simple random sample. Step 2: Specify the confidence level. Step 3: Compute the sample mean. Step 4: Determine the standard error of the sampling distribution. Step 5: Determine the critical value, z, from the standard normal distribution table. Step 5: Determine the critical value, z, from the standard normal distribution table. Step 6: Compute the confidence interval estimate. Business Implication:
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