In planning both market opportunity and production levels, being able to estimate the size of a market
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In planning both market opportunity and production levels, being able to estimate the size of a market can be important. Suppose a nappy manufacturer wants to know how many nappies a 1-month-old baby uses during a 24-hour period. To determine this usage, the manufacturer?s analyst randomly selects 15 parents of 1-month-olds and asks them to keep track of nappy usage for 24 hours. The results are shown. Construct a 95% confidence interval to estimate the average daily nappy usage of a 1 month-old baby. Assume that nappy usage is normally distributed.
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Related Book For
Business Analytics And Statistics
ISBN: 9780730363330
1st Edition
Authors: Ken Black, John Asafu Adjaye, Paul Burke, Nelson Perera, Carl Sherwood, Saleh A. Wasimi
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