People at SpaceX Inc conducted a pilot study to determine the relationship between the weight and cost of a major object being sent into space.The results of the pilot study are contained in data file ASP.1, available in the LBRT #2 folder. Determine the number of observations needed to be91% confident that the estimate of the average cost is within $10 of the overall mean cost. Note: Assume that the pilot study standard deviation is agood estimate of the population standard deviation, that an appropriate value from the Z-table can be used, and that hand calculations are used tofind the answer (i.e. do not use Kaddstat). Weight Cost1.89753.63.019184.90.4536.40.98823.51.05833.42.1110.42.387104.6

X (X - A) (X-A)2 53.6 -20.4 416.16 184.9 110.9 12298.81 6.4 -67.6 4569.76 23.5 -50.5 2550.25…

Answered: People at SpaceX Inc conducted a pilot…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A national random sample of 20 ACT scores from 2010 is as follows: (29, 26, 13, 23, 23, 25, 17, 22, 17, 19, 12, 26, 30, 30, 18, 14, 12, 26, 17, 18). Calculate the sample mean and standard deviation. Assuming that the ACT is normally distributed, what is the 95% confidence interval for the population ACT score. Group of answer choices 18.25 to 23.45 15.32 to 23.05 19.52 to 22.19 14.32 to 23.15
The elasticity of demand for gasoline has been estimated to be -2.0, and the standard error is 0.25. What is the t-statistic for the estimated elasticity of demand for gasoline and is it statistically significant at the 95 percent confidence level?
Sample Results Evaluation. Kendall Jackson, CPA, is examining the operating effectiveness of the internal control of Town Mo, a large conglomerate in the music industry. As partof the evaluation, Jackson determined a necessary sample size of 93 items (based on a tolerable rate of deviation of 5 percent, an expected population deviation rate of 0.5 percent, anda risk of overreliance of 5 percent). After properly selecting the 93 items, Jackson found nodeviations from the prescribed control activities.Required:a. Based on Jackson’s sample, determine the sample rate of deviation and ULRD. (Becausethe AICPA sample evaluation tables do not contain a row for a sample size of 93, rounddown and use a sample size of 90.)b. Explain the difference between the ULRD and the sample rate of deviation observed in part(a). How does this difference relate to the use of statistical sampling?c. What would Jackson conclude with respect to the operating effectiveness of Town Mo’sinternal control?d. If…
Exercise How many children will be needed in the survey to determine the level of dental health among public elementary school children in Community X, if the researcher would like that his estimate to be within 10% of the true value with a reliability level of 99%, if previous research shows a standard deviation of the dental caries score is 5?5?
According to R.L. Polk & Co., Americans held onto their new vehicles for an average of 71.4 months. A random sample of 60 adults who recently sold their new vehicle was selected. Assuming the standard deviation for this population is 15.8 months, the standard error for this sample is
A major newspaper (that rhymes with Small Street Journal) reported an average household income for its subscribers is $119,155. Assume this estimate of the mean household income is based on a sample of 80 subscribers, and, based on past studies, the population standard deviation is known to be sigma=$30,000. Construct a 95% confidence interval for the population mean. Group of answer choices $60,356 - $177,954 $118,420 - $119,890 $112,447 - $125,863 $112,581 - $125,729
sssss A consumer affairs investigator records the repair cost for 4 randomly selected TVs. A sample mean of $75.89 and standard deviation of $13.53 are subsequently computed. Determine the 80% confidence interval for the mean repair cost for the TVs. Assume the population is approximately normal. Step 1 of 2: Find the critical value that should be used in constructing the confidence interval. Round your answer to three decimal places.
High-power experimental engines are being developed by the Stevens Motor Company for use in its new sports coupe. The engineers have calculated the maximum horsepower for the engine to be 830HP . Twenty five engines are randomly selected for horsepower testing. The sample has an average maximum HP of 820 with a standard deviation of 80HP . Assume the population is normally distributed. Step 1 of 2 : Calculate a confidence interval for the average maximum HP for the experimental engine. Use a significance level of α=0.1 . Round your answers to two decimal places.
By how much the consumer sentiment Index has to change before you can consider the change statistically significant at the 95% confidence level? What would be the reduction in sampling error if you increase the sample size from 500 to 1000?
High-power experimental engines are being developed by the Stevens Motor Company for use in its new sports coupe. The engineers have calculated the maximum horsepower for the engine to be 810HP . Sixteen engines are randomly selected for horsepower testing. The sample has an average maximum HP of 890 with a standard deviation of 85HP . Assume the population is normally distributed. Step 1 of 2 : Calculate a confidence interval for the average maximum HP for the experimental engine. Use a significance level of α=0.01 . Round your answers to two decimal places.
The operations manager at a compact fluorescent light bulb (CFL) factory needs to estimate the mean life of a large shipment of CFLs. The manufacturer’s specifications are that the standard deviation is 1,000 hours. A random sample of 64 CFLs indicated at sample mean life of 7,500 hours. Construct a 95% confidence interval estimate for the population mean life of compact fluorescent light bulbs in this shipment. Based on your confidence interval, make inference about the population parameter. Do you think that the manufacturer has a right to state that the compact fluorescent light bulbs have a mean life of 8,000 hours? Please explain. To answer these questions, is it compulsory to assume that the population compact fluorescent light bulb life is normally distributed? Why, why not. Suppose that the standard deviation changes to 800 hours. What are the answers for the first and second question?
If the level of confidence is lowered from 95% to 90 % , but the allowable error and the standard deviation remain the same, what happens to the required sample size?

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