Question
In planning both market opportunity and production levels, being able to estimate the size of a market can be important. Suppose a diaper manufacturer wants
In planning both market opportunity and production levels, being able to estimate the size of a market can be important. Suppose a diaper manufacturer wants to know how many diapers a one-month-old baby uses during a 24-hour period. To determine this usage, the manufacturer's analyst randomly selects 17 parents of one-month olds and asks them to keep track of diaper usage for 24 hours. The results are shown. Construct a 95% confidence interval to estimate the average daily diaper usage of a one-month-old baby. Assume diaper usage is normally distributed. How can this information be useful to a business?
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pls provide excel based solution.
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