A. An ethanol railroad tariff is a fee charged for shipments of ethanol on public railroads....

A. An ethanol railroad tariff is a fee charged for shipments of ethanol on public railroads. An agricultural association publishes tariff rates for railroad-car shipments of ethanol. Assuming that the standard deviation of such tariff rates is $1150 determine the probability that the mean tariff rate of 400 randomly selected railroad-car shipments of ethanol will be within $120 of the mean tariff rate of all railroad-car shipments of ethanol. Interpret your answer in terms of sampling error.

B. There is about a ___% chance that the sampling error made in estimating the (variance of the OR mean) tariff rate of all railroad-car shipments of ethanol will be (at most OR exactly OR at least) $120

Expert Solution

A. An ethanol railroad tariff is a fee charged for shipments of ethanol on public railroads. An agricultural association publishes tariff rates for railroad-car shipments of ethanol. Assuming that the standard deviation of such tariff rates is $1150 determine the probability that the mean tariff rate of 400 randomly selected railroad-car shipments of ethanol will be within $120 of the mean tariff rate of all railroad-car shipments of ethanol. Interpret your answer in terms of sampling error.

Standard error = sd/sqrt(n) = 1150/sqrt(400) =57.5

z =120/57.5 =2.09

P(within $120 of the mean tariff rate) =P( -2.09<z<2.09)

=P( z <2.09)-P( z < -2.09) = 0.9817- 0.0183

=0.9634

B. There is about a 3.66% chance that the sampling error made in estimating the (variance of the OR mean) tariff rate of all railroad-car shipments of ethanol will be (at most OR exactly OR at least) $120

1-0.9634 =0.0366

orchestra answered 2 years ago

An ethanol railroad tariff is a fee charged for shipments of ethanol on public railroads. An...

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