Answered: They also find that the sample standard…

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter6: Linear Systems

Section6.8: Linear Programming

Problem 5SC: If during the following year it is predicted that each comedy skit will generate 30 thousand and...

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An enterprising New Product Development class has an idea to sell on campus custom-flavored, enriched bottles of water from dispensers which would add customers’ desired vitamins and natural flavors to each bottle. To assess profit potential, they need an estimate of demand for bottled water on campus. If demand exceeds the breakeven level of seven bottles per week per customer, the business would generate profit. The entrepreneurial class needs to know whether or not demand exceeds seven bottles per consumer per week, because below this level of demand, revenues wouldn’t cover expenses. Unless sample data indicates sufficient demand, the class will stop development. Since the class of entrepreneurs doesn’t know that the population mean is, they will estimate this mean using their sample data. They take a random sample of thirty students on campus and find that on average a student consumes 9.9 bottles per week. They also find that the sample standard deviation is 4.1 bottles per week. One of them knows that you are currently taking BUAD 310 and asks for your help estimating the actual average demand. You have decided to construct a 95% confidence interval to estimate the true population demand among the students on campus. What is the t* value you are going to use for it? Round your answer to 2 decimals.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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