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

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 $1000, determine the probability that the mean tariff rate of 450 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.

Solutions

Expert Solution

Since the margin of error is 120 and the standard deviation is 1000 Now by nargin of error formula

Z= 2.5456

Using Z table The Probability is calculated that what will be the probability for Margin of error to be in 120 of the mean as

= 0.9896

orchestra answered 1 year ago

Next > < Previous

Related Solutions

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...

Does the longstanding existence of a custom—in this case, the nominal amount of the fee charged...

Does the longstanding existence of a custom—in this case, the nominal amount of the fee charged by a college for a transcript—mean that it cannot change?

Corbin Company was charged $25 for a check printing service fee associated with its checking account....

Corbin Company was charged $25 for a check printing service fee associated with its checking account. Which journal entry is required? A.Debit Miscellaneous Expense for $25 and credit Accounts Payable for $25. B.Debit Miscellaneous Expense for $25 and credit Accounts Receivable for $25. C.Debit Miscellaneous Expense for $25 and credit Cash for $25. D.No journal entry is required.

The mean preparation fee H&R Block charged retail customers in 2011 was $183 (The Wall Street...

The mean preparation fee H&R Block charged retail customers in 2011 was $183 (The Wall Street Journal, March 7, 2012). Use this price as the population mean and assume the population standard deviation of preparation fees is $45. Suppose you have a sample of 55 customers. What is the expected value and standard error of x? Calculate the probability that the mean price for a sample of 300 H&R Block retail customers is within $12 of the population mean (i.e....

The mean preparation fee H&R Block charged retail customers in 2012 was $183 (The Wall Street...

The mean preparation fee H&R Block charged retail customers in 2012 was $183 (The Wall Street Journal, March 7, 2012). Use this price as the population mean and assume the population standard deviation of preparation fees is $50. a. What is the probability that the mean price for a sample of 30 H&R Block retail customers is within $8 of the population mean? b. What is the probability that the mean price for a sample of 50 H&R Block retail...

If hikers and others were required to pay a fee to use the public trails, would...

If hikers and others were required to pay a fee to use the public trails, would the use of this common resource be more efficient? Why do you think we don’t see more market solutions to the tragedy of the commons?

Currently, audits are performed by public accounting firms for a fee that includes a profit component....

Currently, audits are performed by public accounting firms for a fee that includes a profit component. Some members of the business community believe that the profit motive within audit fees or other allowable non-audit services provided by the audit firm compromises a public accounting firm’s ability to be truly “independent” of its clients. They propose that the audit function should be a governmental activity instead. Do you agree with the idea that the public accounting firms could be influenced significantly...

Question Workspace eBook The mean preparation fee H&R Block charged retail customers in 2012 was (The Wall...

Question Workspace eBook The mean preparation fee H&R Block charged retail customers in 2012 was (The Wall Street Journal, March 7, 2012). Use this price as the population mean and assume the population standard deviation of preparation fees is . Use z-table. Round your answers to four decimal places. a. What is the probability that the mean price for a sample of H&R Block retail customers is within of the population mean? b. What is the probability that the mean price for a...

Gallatin Carpet Cleaning-the company has always charged a flat fee per hundred square feet of carpet...

Gallatin Carpet Cleaning-the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $23.50 per hundred square feet. Activity Cost Pool Activity Measure Activity for the Year Cleaning carpets Square feet cleaned (00s) 10,000 hundred square feet Travel to jobs Miles driven 300,500 miles Job support Number of jobs 1,800 jobs The total cost of operating the company for the year is $370,000 Wages $ 148,000 Cleaning supplies 28,000 Cleaning equipment depreciation...

The mean preparation fee H&R Block charged retail customers last year was $183. Use this price...

The mean preparation fee H&R Block charged retail customers last year was $183. Use this price as the population mean and assume the population standard deviation of preparation fees is $50. Let X be the population random variable. What does X stand for and why is X a random variable? What probability distribution does the random variable X follow? Suppose and are the mean and the standard deviation of the probability distribution of X. What are the values of and . Now we...

Subjects