Question
The capacity of a production line was monitored daily for one week and the numbers of manufactured products were as follows: (3109, 3279, 3402, 3357,
The capacity of a production line was monitored daily for one week and the numbers of manufactured products were as follows: (3109, 3279, 3402, 3357, ?, 3327, 3198). A question mark means a missing observation. Calculate the average number of products produced for the days for which the observations are obtained.
If the missing observation were accidentally replaced with zero and then the average for the entire week was calculated, how much would the result differ from the average of the six values that were actually observed?
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Solution To calculate the average number of products produced for the days with available observatio...
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Managerial Economics Theory Applications and Cases
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
8th edition
978-0393124491, 393124495, 978-0039391277, 393912779, 978-0393912777
