Question: In order to estimate the average electric usage per month, a sample of 196 houses was selected, and their electric usage determined. Assume a population

In order to estimate the average electric usage per month, a sample of 196 houses was selected, and their electric usage determined. Assume a population standard deviation of 350 KWH.
a. Determine the standard error of the mean.
b. With a 0.95 probability, determine the margin of error.
c. If the sample mean is 2,000 KWH, what is the 95% confidence interval estimate of the population mean?
d. What size sample should be selected to obtain a 0.95 probability that the margin of error is 30 KWH or less?

Step by Step Solution

★★★★★

3.46 Rating (169 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Given that In order to estimate the average electric usage p... 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)

1019-B-C-A-O(839).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

Multiple Choice 1 Which of the following sampling methods would be used to estimate a numeric measurement of a population, such as a dollar value? a. Random sampling. b. Numeric sampling. c....

Recently, Pacific Cellular ran a pricing trial in order to estimate the elasticity of demand for its services. The manager selected three states that were representative of its entire service area...

Recently, Verizon Wireless ran a pricing trial in order to estimate the elasticity of demand for its services. The manager selected three states that were representative of its entire service area...

How are these done using Excel? 1.Consider a finite population with 5 elements labeled A, B, C, D and E. 10 possible simple random samples of size 2 can be selected. a.List the 10 samples beginning...

1. In order to estimate the average electric usage per month, a sample of 196 houses was selected and the electric usage determined. a. Assume a population standard deviation of 330 kilowatt hours...

1. In order to estimate the average electric usage per month, a sample of 42 houses were selected and the electric usage determined. The sample mean is 2,000 KWH. Assume a population standard...

average hourly in standard error of the mean is a. 1.611 C. .8083. d. 80.83 In order to estimate the average electric usage per month, a sample of 81 houses was selected and the electric usage was...

1. In order to estimate the average electric usage per month, a sample of 46 houses were selected and the electric usage determined. The sample mean is 2,000 KWH. Assume a population standard...

In order to estimate the average electric usage per month, a sample of 35 houses were selected and the electric usage determined. The sample mean is 2,000 KWH. Assume a population standard deviation...

2. (20 Points) In order to estimate the average electric usage per month, a sample of 256 ( ) houses was selected, and their electric usage determined. 350 C. If the sample mean is 2,000 KWH, what is...

When does acceleration happen? * When speed changes When direction changes When speed is constant Both 1 and 2 What is the average velocity in the first 5 hours of the trip? Round to the whole...

Fallow fied acquired a 60% holding in Rusholme three years ago when Rusholme's retained earnings balance stood at $16,000. Both businesses have been very successful since the acquisition and their...

CASE STUDY: Read Bruner, et . al . textbook, Case Studies in Finance Darden Case Study \ # 1 known as Warren E . Buffett, 2 0 1 5 : Finding Intrinsic Value; Bruner pages 3 to 2 2 . DELIVERABLES: 1 ....

Adam Smith believed that . (LO1) a) people should never buy anything if they can make it themselves b) what makes sense in the conduct of a private familys economic endeavors also makes sense in...

Calculate the average polymer length in a polymer produced by a chain mechanism in which termination occurs by a disproportionate reaction of the form M +M M + M.

Autocatalysis is the catalysis of a reaction by the products. For example, for a reaction A -> P it may be found that the rate law is v = k[A] [P] and the reaction rate is proportional to the...

Derive an expression for the rate of disappearance of a species A in a photochemical reaction for which the mechanism is: Hence, show that rate measurements will give only a combination of k2 and k3...

On January 1, 2014, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000. On March 1, 2014, the company purchased 2,000 shares of its common stock for $15 per share for the...

Data table (Click on the following icon in order to copy its contents into a spreadsheet.) Year 0 1-9 Revenues Manufacturing Expenses (other than depreciation) Marketing Expenses Depreciation EBIT...

Conch Republic Electronics, Part 1 Conch Republic Electronics is a midsized electronics manufacturer located in Key West, Florida. The company president is Shelley Couts, who inherited the company....