Question: A confidence interval for a population mean is to be estimated. The population standard deviation is guessed to be anywhere from 14 to 24.

A confidence interval for a population mean is to be estimated. The population standard deviation is guessed to be anywhere from 14 to 24. The half-width B desired could be anywhere from 2 to 7.

a. Tabulate the minimum sample size needed for the given ranges of σ and B.

b. If the fixed cost of sampling is $350 and the variable cost is $4 per sample, tabulate the sampling cost for the given ranges of and B.

c. If the cost of estimation error is given by the formula 10B2, tabulate the total cost for the given ranges of σ and B. What is the value of B that minimizes the total cost when = 14? What is the value of B that minimizes the total cost when σ = 24?

Step by Step Solution

★★★★★

3.29 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Template found in Sample Sizexls sheet Population Proportion ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

463-M-S-N-S (657).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

A confidence interval for a population mean has length 20. a. Determine the margin of error. b. If the sample mean is 60, obtain the confidence interval. c. Construct a graph similar to Fig. 8.6 on...

A 99% confidence interval for a population mean based on a sample of size 64 is computed to be (16.3, 18.7). How large a sample is needed so that a 99% confidence interval will specify the mean to...

A 95% confidence interval for a population mean is computed from a sample of size 400. Another 95% confidence interval will be computed from a sample of size 100 drawn from the same population....

A confidence interval for a population mean is to be estimated. The population standard deviation is guessed to be anywhere from 14 to 24. The half-width B desired could be anywhere from 2 to 7. a....

Lab 7:Confidence Intervals All confidence intervals must be reported as a complete sentence . Points will be deducted if not. Exercise 1 A company that produces white bread is concerned about the...

0 Question 28 v You plan to build a Confidence Interval to estimate the mean of a population for which the standard deviation is known to be 10.4. Find the minimum sample size needed to guarantee...

Unit 3 Problem Set NAME: Elements of Statistics--FHSU Virtual College--Spring 2017 REMEMBER, these are assessed preparatory problems related to the content of Unit 3. The Unit 3 Exam will consist of...

Unit 3 Problem Set NAME: Elements of Statistics--FHSU Virtual College--Summer 2015 REMEMBER, these are assessed preparatory problems related to the content of Unit 3. The Unit 3 Exam will consist of...

Discuss the relationship between the margin of error and the standard error of the mean. For a (1 -)-level confidence interval for a population mean when the population standard deviation is known,...

Construct a confidence interval suitable for testing the claim from Exercise 6. What feature of the resulting confidence interval leads to the same conclusion from Exercise 6?

The Second Cup Ltd. is Canadas largest specialty coffee caf franchisor (as measured by number of cafs) with 365 cafs operating under the trade name Second Cup. Exhibit 10-18 is an excerpt from Note...

3 As sole heir, Dazie receives all of Marys property (adjusted basis of $1,400,000 and fair market value of $3,820,000). Six months after Marys death in 2017, the fair market value is $3,835,000. a....

Acquisition analysis, including fair value adjustment fo r plant and equipment (Section 3.6.2) O n 1 O c to b e r 20X0, EF Ltd acquired all th e issued ordinary shares o f GH Ltd. The term s o f th e...

Using the same standing heights listed in Exercise 1, construct a box plot and include the values of the 5-number summary. Does the box plot indicate that the data are from a population with a normal...

The body mass indices (BMI) of a sample of males have a mean of 26.601 and a standard deviation of 5.359. The body mass indices of a sample of females have a mean of 28.441 and a standard deviation...

Use the range rule of thumb to estimate the standard deviation of ages of all teachers at your college.

gpt 1 9 9 .

Question 7 of 1 0 0 Sue Smith owns a 3 0 0 unit tax credit property. She received a total credit allocation covering 2 0 0 of her units and committed to the 2 0 % @ 5 0 % minimum set aside. To earn...

True or False? Explain and qualify. a. Investors demand higher expected rates of return on stocks with more variable rates of return. b. The capital asset pricing model predicts that a security with...