Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

*Show working out. QUESTION 1: A manager of an e-commerce companv would like to determine average delivery time of the products. A sample of 25

*Show working out. QUESTION 1: A manager of an e-commerce companv would like to determine average delivery time of the products. A sample of 25 customers is taken. The average delivery time in the sample was four days with a standard deviation of 1.2 days. Suppose the delivery times are normally distributed. i) Estimate the mean delivery with a 80% confidence. ii) Estimate the mean delivery with a 98% confidence. iii) Show the trade-off between precision and confidence in this example. QUESTION 2: A car sales company tries to evaluate the performance of each of its more than 200 branches. To do so, it chooses a random sample of 40 branches and obtains their average performance. The average pertormance iS 4.5%. Use this intormation, to build a 68% and 99% confidence interval to estimate the mean performance of all branches, in each case

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

Stability Of Functional Equations In Banach Algebras

Authors: Yeol Je Cho, Choonkil Park, Themistocles M Rassias, Reza Saadati

1st Edition

3319187082, 9783319187082

More Books

Students also viewed these Mathematics questions

Question

What are some of the hiring standards to avoid?

Answered: 1 week ago

Question

What are some metrics for evaluating recruitment and selection?

Answered: 1 week ago