For the purchase amounts in Exercise 8: a) Construct a 90% confidence interval for the mean purchases

Question:

For the purchase amounts in Exercise 8:

a) Construct a 90% confidence interval for the mean purchases of all customers, assuming that the assumptions and conditions for the confidence interval have been met.

b) How large is the margin of error?

c) How would the confidence interval change if you had assumed that the standard deviation was known to be $20?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Business Statistics

ISBN: 9780321925831

3rd Edition

Authors: Norean Sharpe, Richard Veaux, Paul Velleman

See More Books

Question Posted: May 15, 2015 02:19 AM

See More Questions

A confidence interval for a standard deviation for large samples taken from a normally distributed population can be approximated by Find the 95% confidence interval for the population standard...
Two machines are used to fill plastic bottles with dishwashing detergent. Two random samples of "1 = 12 bottles from machine 1 and n2 = 10 bottles from machine 2 are selected, and the sample mean and...
Construct the confidence interval for Exercise assuming that s is known to be 5.013km. Find the confidence interval using the known value of S.
Associated Media Graphics (AMG) is a rapidly expanding company involved in the mass reproduction of instructional materials. Ralph Boston, owner and manager of AMG, has made a concentrated effort...
The production manager of a plant that manufactures syringes records the marginal cost at various levels of output for 14 randomly selected months. The data are shown here: a. On the accompanying...
APR and EAR - Should lending laws be changed to require lenders to report EARs instead of APRs? Why or why not? Discuss briefly.
. Using the terms Scrum, Sprint, and User stories, create an alternative development cycle for a hypothetical software development process at Northwest Regional Hospital This isnt what I need!...
Use the data for Cranwell Company in E6-18A to answer the following. May 1 Beginning inventoryl ........................... 6 units $150 = $ 900 15 Purchase...
chapter 7 question 3 REQ 1 req2 req 3 req 4 B Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee...
1. Given the fact that Rick has only $15,000 to invest, explain why he should consider investing in mutual funds rather than individual stocks. 2. In what type(s) of stock mutual fund(s) would you...
For the ages in Exercise 7: a) Construct a 95% confidence interval for the mean age of all customers, assuming that the assumptions and conditions for the confidence interval have been met. b) How...
For the confidence intervals of Exercise, a histogram of the data looks like this: Check the assumptions and conditions for your inference. 5 10 8642 sauces no pequnN
Making hiring decisions is one of the most importantand difficultdecisions a manager makes. Without good information, managers have almost no chance of making the right choice. The process begins...
Consider the project information in the table below: Draw and analyze a project network diagram to answer the following questions: a. If you were to start on this project, which are the activities...
Lacey, Inc., had the following sales and purchase transactions during 2011. Beginning inventory consisted of 80 items at $\$ 120$ each. Lacey uses the FIFO cost flow assumption and keeps perpetual...
Refer to the Camp Sunshine data presented in E5-9. Required: 1. Perform a least-squares regression analysis on Camp Sunshines data. 2. Using the regression output, create a cost equation (Y = A + BX)...
The following information pertains to the first year of operation for Sonic Boom Radios, Inc. Required: Prepare Sonic Booms full absorption costing income statement and variable costing income...
Jane Crawford, the president of Crawford Enterprises, is considering two investment opportunities. Because of limited resources, she will be able to invest in only one of them. Project A is to...
What is an actuator? List various types of actuators.
The 2017 financial statements of the U.S. government are available at: https://www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm Use these to answer the following questions: a. Statement...
An aircraft cruises at a Mach number of 2.0 at an altitude of $15 \mathrm{~km}$. Inlet air is decelerated to a Mach number of 0.4 at the engine compressor inlet. A normal shock occurs in the inlet...
Random samples of size n=250 are taken from a population with p=0.04. a. Construct the centerline and the upper and lower control limits for the p chart. b. Repeat the analysis with n=150. c. Discuss...
Random samples of size n=400 are taken from a population with p= 0.10. a. Construct the centerline and the upper and lower control limits for the p chart. b. Suppose six samples of size 400 produced...
Random samples of size n=500 are taken from a population with p=0.34. a. Construct the centerline and the upper and lower control limits for the p chart. b. Suppose six samples of size 500 produced...
Fig 1. Rolling a 4 on a D4 A four sided die (D4), shaped like a pyramid (or tetrahedron), has 4 flat surfaces opposite four corner points. A number (1, 2, 3, or 4) appears close to the edge of each...
I just need help with question #4 please! Thank you! Windsor Manufacturing uses MRP to schedule its production. Below is the Bill of Material (BOM) for Product A. The quantity needed of the part...
(25) Suppose that we have an economy consisting of two farmers, Cornelius and Wheaton, who unsurprisingly farm corn c and wheat w, respectively. Assume that both farmers produce their crop of choice...

For the purchase amounts in Exercise 8: a) Construct a 90% confidence interval for the mean purchases

Question:

Step by Step Answer:

a To find the confidence interval use y t n 1 SE y where SE y s n 4526 1729 ...View the full answer

Business Statistics

Students also viewed these Statistics questions