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A certain lumber company is a privately held company that makes cedar siding, cedar lumber, and cedar fencing products. The major cost of production is
A certain lumber company is a privately held company that makes cedar siding, cedar lumber, and cedar fencing products. The major cost of production is the cedar logs that are the raw material necessary to make the finished cedar products. The dollar value to be achieved from a log depends initially on the diameter of the log. The accompanying table contains a random sample of logs of various diameters measured in inches and the potential value of the finished products that could be developed from the log if it is made into fence boards. Complete parts a and b below. Click the icon to view the lumber company data. a. Calculate the sample mean potential value for each diameter of logs in the sample. Size (inches) 6 7 8 9 10 11 12 13 Sample mean (Type integers or decimals rounded to two decimal places as needed.)
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