Cost observations provided for 21 production situations have an average of $149.67 and a standard deviation of

Question:

Cost observations provided for 21 production situations have an average of $149.67 and a standard deviation of $38.85.

a. Find and interpret the two-sided 95% confidence interval.

b. Find the two-sided 99.9% confidence interval.

c. Find the one-sided 95% confidence interval that claims that the population mean for this cost is at least some amount.

d. Find the one-sided 99% confidence interval that claims that the population mean for this cost is no larger than some amount.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Practical Business Statistics

ISBN: 9780128042502

7th Edition

Authors: Andrew Siegel

See More Books

Question Posted: Apr 18, 2019 07:18 AM

See More Questions

Cost observations have been provided for 21 production situations. Find the appropriate t value from the t table to use for each of the following confidence interval calculations: a. Two-sided 95%...
A company supplies pins in bulk to a customer. The company uses an automatic lathe to produce the pins. Factors such as vibration, temperature, and wear and tear affect the pins, so that the lengths...
A stock analyst claims to have devised a mathematical technique for selecting high-quality mutual funds and promises that a clients portfolio will have higher average ten-year annualized returns and...
Find the point on the plane z = x + y + 1 closest to the point P = (1, 0, 0). Minimize the square of the distance.
If the interest rate this year is 8% and the interest rate next year will be 10%, what is the future value of $1 after 2 years? What is the present value of a payment of $1 to be received in 2 years?
Design the logic for a program that outputs every number from 1 through 20 along with its value doubled and tripled.
What is the mirror-image rule?
During March 2012, McGuire Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data. Analysis reveals that Job A257 was a repeat job. Job A258 was a...
B: Point out the error in the code and correct it. class Person { public void int display () { System.out.println("This is a Person"); } } class Student extnd Person { public void display () {...
Summarize the main lean principles described in the article or case study you read Of the four lean principles of operations management, which one do you feel will provide the greatest impact to the...
Main-course taste scores have been recorded for 48 restaurant diners on a scale from 1 to 5. The average score was 4.125, the standard error was 0.1099, and the 95% confidence interval extended from...
Click-through rates were measured for each of 83 mobile advertising campaigns, and showed an average rate of 2.38%, with a standard error of 0.134%. Please note that this is not a binomial situation...
Suppose the cost C, in dollars, of eliminating p percent of the pollution from the emissions of a factory is given by (a) What type of function is this? (b) Given that p represents the percent of...
Assume a queue has been implemented "efficiently" with 2 STACKS. How many pop operations would have happened when performing the following queue operations ( assume this is before the queue is...
Describe a situation in which you would want to use a NoSQL database and provide a justification for why this type of database would be useful. [Text Wrapping Break]
Several years ago the Jakob Company sold a $1,000 par value, noncallable bond that now has 15 years to maturity and a 6.00% annual coupon that is paid semiannually. The bond currently sells for...
For each data structure below, give a real-world situation forwhich that data structure would be the best choice. Explain yourreasoning. _ a.) Linked List _ b.) Hash Table _ c.) Binary Tree _ d.) Heap
Archer-Daniels Midland has an average inventory holding period of 63.62 days and the average payment period for the firms accounts payable is 25.04 days. The firm's average time between selling a...
You turn a crank on a device similar to that shown in Figure 16-12 and produce a power of 0.16 hp. If the paddles are immersed in 0.75 kg of water, for what length of time must you turn the crank to...
On 1 July 2018, Parent Ltd acquired all the shares of Son Ltd, on a cum-div. basis, for $2,057,000. At this date, the equity of Son Ltd consisted of: $ 1,000,000 Share capital 500 000 shares...
Write a three- to five-page report summarizing the relationship between gender and salary for these employees. Be sure to discuss the results of the following statistical analyses: (a) a two-sample t...
a. How is a time series different from cross-sectional data? b. What information is lost when you look at a histogram for time-series data?
a. Define a first-order moving-average process in terms of the relationship between successive observations. b. What is a moving-average process a moving average of? c. Describe the forecasts for two...
Considering the financial system requirement, it was decided that company will use MYOB to handle company's finances. Write an email to the manager (trainer/assessor) requesting the equipment,...
Positioning Using the options below, create a positioning statement that accurately communicates the product's place in the market. As you create the positioning statement, there are a few things you...
What non-financial considerations do you think are necessary 1 Quality control issues 2 Inherent issues of the location where the 3rd party might be I 3 Language and cultural barriers 4 Finding the...

Cost observations provided for 21 production situations have an average of $149.67 and a standard deviation of

Question:

Step by Step Answer:

a We are 95 sure that the population mean cost is between 13199 and 16735 This is a sta...View the full answer

Practical Business Statistics

Students also viewed these Mathematics questions