Statistics for Management and Economics (Book Only)
11th Edition
ISBN: 9781337296946
Author: Gerald Keller
Publisher: Cengage Learning
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Chapter 10.2, Problem 31E
To determine
Calculate the population mean.
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With 95% confidence, calculate the margin of error to estimate the population mean with a simple random sample of 8 items in a sample standard deviation of 3.5.
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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?
Chapter 10 Solutions
Statistics for Management and Economics (Book Only)
Ch. 10.1 - Prob. 1ECh. 10.1 - Prob. 2ECh. 10.1 - Prob. 3ECh. 10.1 - Prob. 4ECh. 10.1 - Prob. 5ECh. 10.1 - Prob. 6ECh. 10.1 - Prob. 7ECh. 10.1 - Prob. 8ECh. 10.2 - Prob. 13ECh. 10.2 - Prob. 14E
Ch. 10.2 - Prob. 15ECh. 10.2 - Prob. 16ECh. 10.2 - Prob. 17ECh. 10.2 - Prob. 18ECh. 10.2 - Prob. 19ECh. 10.2 - Prob. 20ECh. 10.2 - Prob. 21ECh. 10.2 - Prob. 22ECh. 10.2 - Prob. 23ECh. 10.2 - Prob. 24ECh. 10.2 - Prob. 25ECh. 10.2 - Prob. 26ECh. 10.2 - Prob. 27ECh. 10.2 - Prob. 28ECh. 10.2 - Prob. 29ECh. 10.2 - Prob. 30ECh. 10.2 - Prob. 31ECh. 10.2 - Prob. 32ECh. 10.2 - Prob. 33ECh. 10.2 - Prob. 34ECh. 10.2 - Prob. 35ECh. 10.2 - Prob. 36ECh. 10.2 - Prob. 37ECh. 10.2 - Prob. 38ECh. 10.2 - Prob. 39ECh. 10.2 - Prob. 40ECh. 10.2 - Prob. 41ECh. 10.2 - Prob. 42ECh. 10.2 - Prob. 43ECh. 10.2 - Prob. 44ECh. 10.2 - Prob. 45ECh. 10.2 - Prob. 46ECh. 10.3 - Prob. 47ECh. 10.3 - Prob. 48ECh. 10.3 - Prob. 49ECh. 10.3 - Prob. 50ECh. 10.3 - Prob. 51ECh. 10.3 - Prob. 52ECh. 10.3 - Prob. 53ECh. 10.3 - Prob. 54ECh. 10.3 - Prob. 55ECh. 10.3 - Prob. 56ECh. 10.3 - Prob. 57ECh. 10.3 - Prob. 58ECh. 10.3 - Prob. 59ECh. 10.3 - Prob. 60ECh. 10.3 - Prob. 61ECh. 10.3 - Prob. 62E
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- The sugar content in a one-cup serving of a certain breakfast cereal was measured for a sample of 140 servings. The average was 11.9 g and the standard deviation was 1.1 g. a. Find a 95% confidence interval for the mean sugar content. b. Find a 99% confidence interval for the mean sugar content. c. What is the confidence level of the interval (11.81, 11.99)? d. How large a sample is needed so that a 95% confidence interval specifies the mean to within±0.1? e. How large a sample is needed so that a 99% confidence interval specifies the mean to within±0.1? f. Find a 95% upper confidence bound for the mean sugar content. g. The claim is made that the mean sugar content is greater than 11.7g. With what level of confidence can this statement be made?arrow_forwardIn a sample of 30 people, the average cost of a latte is $3.55. The standard deviation for the sample is $1.46. What is the margin of error for a 99% confidence interval? Group of answer choices $0.73 $0.69 $0.27 $0.66 thanksarrow_forwardBob 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.)arrow_forward
- It is known that the variance of a population equals 20. A random sample of 144 observations is going to be taken from the population. Compute the margin of error corresponding to a 95% level of confidence.arrow_forwardA sample of 27 elements from a normally distributed population is selected. The sample mean is 14 with a sample standard deviation of 5. The 95% confidence interval for u is._____ a. 12.022 to 15.978 b. 9:000 to 19.000 c. 13.791 to 14.209 d. 15.886 to 12.114arrow_forwardIf an interval estimate is said to be constructed at the 90% confidence level, the confidence coefficient would be Group of answer choices 0.1 0.05 0.95 0.9arrow_forward
- N11 Determine the sample size needed to construct a 90% confidence interval to estimate the population proportion when p = 0.68 and margin of error = 0.02arrow_forwardTrue or False? When the population variance is unknown and the size of a random sample is 20, then the student’s t used to construct a 90% confidence interval for the population mean is 1.729, by Appendix D.arrow_forwardThe nutrition label for Oriental Spice Sauce states that one package of sauce has 1080 milligrams of sodium. To determine if the label is accurate, the FDA randomly selects 180 packages of Oriental Spice Sauce and determines the sodium content. The sample has an average of 1059.97 milligrams of sodium per package with a sample standard deviation of 263.24 milligrams. Step 1 of 2 : Calculate a 90% confidence interval for the mean sodium content in Oriental Spice Sauce. Round your answers to two decimal places.arrow_forward
- According to the Annual survey of drugs expenditure in country X, the annual expenditure for prescription drugs is $838 per person in the Northeast region of the country. A sample of 60 individuals in the Midwest shows a per person expenditure for prescription drugs of $745. Further, it is given that the population standard deviation of $300. Formulate hypotheses for a test to determine whether the sample data support the conclusion that the population annual expenditure for prescription drugs per person is lower in the Midwest than in the Northeast and Identify whether it is a two-tail test or a one tail test (Left or right tail).arrow_forwarda news paper ad for a manager trainee position contained the statement "our manager trainee have a first year earnings average of $30000 to $40000.Do you think that the ad is describing a confidence intervalarrow_forwardYou want to obtain a sample to estimate a population mean. Based on previous evidence, you believe the population standard deviation is approximately σ=65.4σ=65.4. You would like to be 99% confident that your estimate is within 2.5 of the true population mean. How large of a sample size is required?[Do not round mid-calculation. However, use a critical value rounded to three decimal places — this is important for the system to check answers correctly.]n =arrow_forward
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