indicates that the actual average weight of the diamonds must exceed 0.5 in order that the process be operated at a profitable level.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.58TI: What is the total effect on the economy of a government tax rebate of $500 to each household in...
icon
Related questions
Question

An experiment has been conducted to evaluate a new process for producing synthetic
diamonds. A number of diamonds have been generated by the new process with recorded
weights of 0.46, 0.61, 0.52, 0.48, 0.57, and 0.54 carat. A study of the process costs
indicates that the actual average weight of the diamonds must exceed 0.5 in order that the
process be operated at a profitable level.

a). Based on a 95% confidence level, estimate the actual mean weight of synthetic
diamonds using the new process.
b). Carefully interpret this interval estimation.
c). Explain carefully whether or not there is sufficient evidence to conclude that the
process is operating at a profitable level using the estimation in part (a)

Expert Solution
Step 1

Given:

A number of diamonds have been generated by the new process with recorded
weights of 0.46, 0.61, 0.52, 0.48, 0.57, and 0.54 carat. 

Sample size, n = 6

 

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College