Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please check if my answers are right too please! Consider the trash bag problem. Suppose that an independent laboratory has tested trash bags and has

Please check if my answers are right too please!

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Consider the trash bag problem. Suppose that an independent laboratory has tested trash bags and has found that no 30-gallon bags that are currently on the market have a mean breaking strength of 50 pounds or more. On the basis of these results, the producer of the new, improved trash bag feels sure that its 30 -gallon bag will be the strongest such bag on the market if the new trash bag's mean breaking strength can be shown to be at least 50 pounds. The mean of the sample of 35 trash bag breaking strengths in Table 1.10 is x=50.577. If we let denote the mean of the breaking strengths of all possible trash bags of the new type and assume that equals 1.60 : (a) Calculate 95 percent and 99 percent confidence intervals for . (Round your answers to 3 decimal places.) (b) Using the 95 percent confidence interval, can we be 95 percent confident that is at least 50 pounds? , 95 percent interval is 50. (c) Using the 99 percent confidence interval, can we be 99 percent confident that is at least 50 pounds? (d) Based on your answers to parts b and c, how convinced are you that the new 30 -gallon trash bag is the strongest such bag on the market

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

Essentials Of Managerial Finance

Authors: Scott Besley, Eugene F. Brigham

12th Edition

0030258723, 9780030258725

More Books

Students also viewed these Finance questions

Question

Describe DSS hardware and software platforms

Answered: 1 week ago