Statistics for Management and Economics (Book Only)
11th Edition
ISBN: 9781337296946
Author: Gerald Keller
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 10.3, Problem 59E
To determine
Calculate the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
A 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 12.114
In 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
thanks
A chemist measures the haptoglobin concentrations (in grams per liter) in the blood of eight healthy adults. The mean and standard deviation of the haptoglobin concentrations (in grams per liter) are 1.615 and 1.387 respectively. Obtain a 90% confidence interval for the mean haptoglobin concentration in adults.
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
Knowledge Booster
Similar questions
- True 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 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?arrow_forwardA 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 - $125,729arrow_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_forwardThe 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_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
- A simple random sample of 5 months of sales data provided the following information: Month: 1 2 3 4 5 Units Sold: 99 100 85 99 92 a. Develop a point estimate of the population mean number of units sold per month. b. Develop a point estimate of the population standard deviationarrow_forwardIt 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_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
- A sample of 81 observations is taken from a normal population with a standard deviation of 6.The sample mean is 41. Determine the 99% confidence interval for the population mean.arrow_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_forward1. 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 barrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSON
Engineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education