The owner of Britten's Egg Farm wants to estimate the mean number of eggs laid per chicken. A sample of 36 chickens shows laid an average of 28 eggs per month with a standard deviation of 15 eggs per month. a-1. What is the value of the population mean? (Click to select) v a-2. What is the best estimate of this value? b-1. Explain why we need to use the t distribution. (Click to select) b-2. What assumption do you need to make? (Click to select) c. For a 80% confidence interval, what is the value of ? (Round the final answer to 3 decimal places.) The value of tis

The owner of Britten's Egg Farm wants to estimate the mean number of eggs laid per chicken. A sample of 36 chickens shows laid an average of 28 eggs per month with a standard deviation of 15 eggs per month. a-1. What is the value of the population mean? (Click to select) v a-2. What is the best estimate of this value? b-1. Explain why we need to use the t distribution. (Click to select) b-2. What assumption do you need to make? (Click to select) c. For a 80% confidence interval, what is the value of ? (Round the final answer to 3 decimal places.) The value of tis

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The standard deviation of the scores on a skill evaluation test is 363 points with a mean of 1239 points. If 335 tests are sampled, what is the probability that the mean of the sample would differ from the population mean by less than 23 points? Round your answer to four decimal places.
Suppose we use the mean of a random sample of size n = 100 to estimate the mean of a population with σ = 30 . Use the central limit theorem to compute the probability that the error is less than 6. Express your answer as a decimal using 4 decimal places. Give the exact value on the chart. Do not round your answer.....
Suppose the amount of change IWU students carry is exponentially distributed with a mean of $0.88. Suppose that we randomly pick 25 IWU students and learn how much change they have. What type of distribution does the population, which is the change carried by IWU students, follow? What are the mean and standard deviation of the population? (6 points) What type of distribution does the sample mean follow? What are the mean and standard deviation of the sample mean? (6 points) Find the probability that the average change of 25 IWU students was between $0.80 and $1.00. Graph the situation, shade in the area to be determined, and find the probability. (6 points)
sssy In a sample of 134 ball bearings, the average diameter was found to be 3.78mm with a standard deviation of 0.44 . Give a point estimate for the population variance of the diameter of the ball bearings. Round your answer to two decimal places, if necessary.
Suppose a batch of steel rods produced at a steel plant have a mean length of 150 millimeters, and a variance of 100. If 275 rods are sampled at random from the batch, what is the probability that the mean length of the sample rods would differ from the population mean by greater than 0.57 millimeters? Round your answer to four decimal places.
1. A survey on student behavior in some major College in Oman asked a randomly selected group of 300 students on the number of hours a week he/she reads a newspaper. The sample mean was 4.5 and standard deviation 2.9. We can assume that the underlying distribution of number of hours reading newspaper is approximately normal. a) What will be a 95% confidence interval of the population mean number of hours a College student read newspapers per week ? Interpret the same. b) Suppose you perform a similar survey at CAS, Nizwa with 35 randomly selected students; the sample mean and sample standard deviation were 5.1 and 2.6 respectively. What will be a 95% confidence interval of the population mean number of hours an CAS, Nizwa student read newspapers per week ? Interpret the interval in the context of the problem. Solve a and b
Suppose you select a random sample of 16 students from a population that has mean of µ = 75 and standard deviation of ơ = 20. You want to know what would be considered a ‘typical’ sample mean for a sample of n = 16. To answer your question, you compute the two sample means that define the middle 95% of the distribution of sample means. Show your work, sketch the distribution, and shade in the area of interest. Hint: Sample means that are in the extreme 5% of the distribution (2.5% in each tail of the distribution) are considered ‘atypical’ or ‘extreme.’
Hatchery Fish: Length A large tank of fish from a hatchery is being delivered to a lake.The hatchery claims that the mean length of fish in the tank is 15 inches, and thestandard deviation is 2 inches. A random sample of 36 fish is taken from the tank. Letbe the mean sample length of these fish. What is the probability that is within 0.5inch of the claimed population mean?
Consider the mean cost of getting a four-year college degree. The middle interval which captures 95% of mean costs from samples of n = 75 graduates is (x̅₁, x̅₂) = $60,142 $68,446 25 What is the population mean cost of getting a college degree? a $62,384 b $63,014 c $63,651 d $64,294
The mean output of a certain type of amplifier is 129 watts with a variance of 100. If 96 amplifiers are sampled, what is the probability that the mean of the sample would differ from the population mean by less than 0.9 watts? Round your answer to four decimal places.
Is it true or false that the least absolute deviations (LAD) estimator minimizes the sum of the absolute value of the population errors.
Bob Nale is the owner of Nale’s Quick Fill. Bob would like to estimate the mean number of gallons of gasoline sold to his customers. Assume the number of gallons sold follows the normal distribution with a population standard deviation of 1.80 gallons. From his records, he selects a random sample of 80 sales and finds the mean number of gallons sold is 6.90. What is the point estimate of the population mean? (Round your answer to 2 decimal places.) Develop a 95% confidence interval for the population mean. (Use z Distribution Table.) (Round your answers to 2 decimal places.)