Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.A company is trying to estimate the average number of hours of overtime worked by its employees .It conducts a survey with 14 employees ,and

image text in transcribed
1.A company is trying to estimate the average number of hours of overtime worked by its employees .It conducts a survey with 14 employees ,and finds the sample mean is 4.6. The variance is known to be around 4.2 . (a) Construct 390 % confidence interval for the true mean hours of overtime (b)What assumption have you made in a)? Is it likely to be true here ?What could the company do in order to avoid this assumption ? 2. A factory wishes to estimate its future use of an input to its production process ,in order to choosea suitable supplier. Data from the last 10 weeks indicates an average use of 35kg per week . The standard deviation for usage is known to be around 4kg. (3) Construct a95% confidence interval for the true mean usage . (b)The supplier that the factory would prefer to use will only be able to supply an average of 38kg a week. Would you recommend the factory use this supplier ? (c) If the supplier has a maximum supply of 36kg in any given week . how would that change your recommendation

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essays In Our Changing Order

Authors: Thorstein Veblen

1st Edition

1351311425, 9781351311427

More Books

Students also viewed these Economics questions

Question

600 lb 20 0.5 ft 30 30 5 ft

Answered: 1 week ago

Question

What reward will you give yourself when you achieve this?

Answered: 1 week ago