The average electric cost for mid-size manufacturing companies operating in the western United States is $0.10...

The average electric cost for mid-size manufacturing companies operating in the western United States is $0.10 / KWHr, with a standard deviation of $0.03 / KWHr. A sample of 35 companies are surveyed. What is the likelihood that the sample mean is less than $0.09?

Solutions

Expert Solution

Solution :

Given that ,

mean = = 0.10

standard deviation = = 0.03

n = 35

= = 0.10 and

= / n = 0.03 / 35 = 0.0051

P( > 0.09) = 1 - P( < 0.09)

= 1 - P(( - ) / < (0.09 - 0.10) / )

= 1 - P(z < -1.96)

= 1 - 0.0250 Using standard normal table.

= 0.9750

The likelihood that the sample mean is less than $0.09 is 0.9750.

orchestra answered 1 year ago

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