Question
In: Statistics and Probability
A manufacturer produces both a deluxe and a standard model of automatic sander designed for home...
A manufacturer produces both a deluxe and a standard model of automatic sander designed for home use. Selling prices obtained from a sample of retail outlets follow.
| Model Price($) | Model Price($) | |||||
| RetailOutlet | Deluxe | Standard | RetailOutlet | Deluxe | Standard | |
| 1 | 39 | 27 | 5 | 40 | 30 | |
| 2 | 39 | 29 | 6 | 39 | 35 | |
| 3 | 46 | 35 | 7 | 35 | 29 | |
| 4 | 38 | 31 | ||||
What is the 95% confidence interval for the difference between the mean prices of the two models (to 2 decimals)?
(X , X)
Solutions
Expert Solution
Solution
We will use independent t test to find 95% confidence interval for the difference between the mean prices of the two models.
The 95% confidence interval for the difference between the mean prices of the two models is (4.85,12.29)
orchestra answered 1 year agoRelated Solutions
A manufacturer produces both a deluxe and a standard model of an automatic sander designed for...
A manufacturer produces both a deluxe and a standard model of an
automatic sander designed for home use. Selling prices obtained
from a sample of retail outlets follow.
Model Price
($)
Model Price
($)
Retail Outlet
Deluxe
Standard
Retail Outlet
Deluxe
Standard
1
41
27
5
40
30
2
39
30
6
39
34
3
44
35
7
35
29
4
38
30
The manufacturer's suggested
retail prices for the two models show a $10 price differential. Use
a .05...
A manufacturer produces both a deluxe and a standard model of an automatic sander designed for...
A manufacturer produces both a deluxe and a standard model of an
automatic sander designed for home use. Selling prices obtained
from a sample of retail outlets follow.
Model Price
($)
Model Price
($)
Retail Outlet
Deluxe
Standard
Retail Outlet
Deluxe
Standard
1
40
27
5
40
30
2
39
28
6
39
32
3
43
35
7
36
29
4
38
31
The manufacturer's suggested
retail prices for the two models show a $10 price differential. Use
a .05...
A manufacturer produces both a deluxe and a standard model of an automatic sander designed for...
A manufacturer produces both a deluxe and a standard model of an
automatic sander designed for home use. Selling prices obtained
from a sample of retail outlets follow.
Model Price
($)
Model Price
($)
Retail Outlet
Deluxe
Standard
Retail Outlet
Deluxe
Standard
1
40
27
5
40
30
2
39
28
6
39
32
3
43
35
7
36
29
4
38
31
The manufacturer's suggested
retail prices for the two models show a $10 price differential. Use
a .05...
A manufacturer produces both a deluxe and a standard model of an automatic sander designed for...
A manufacturer produces both a deluxe and a standard model of an
automatic sander designed for home use. Selling prices obtained
from a sample of retail outlets follow.
Model Price
($)
Model Price
($)
Retail Outlet
Deluxe
Standard
Retail Outlet
Deluxe
Standard
1
40
27
5
40
30
2
39
28
6
39
32
3
43
35
7
36
29
4
38
31
The manufacturer's suggested retail prices for the two models
show a $10 price differential. Use a .05...
A personal fitness company produces both a deluxe and a standard model of a smoothie blender...
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Outlet
Model Price ($)
Deluxe
Standard
1
39
27
2
39
28
3
45
35
4
38
30
5
40
30
6
39
34
7
35
29
(a)
The manufacturer's suggested retail prices for the two models
show a $10 price differential. Use a 0.05 level of significance and
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A
company sells two products: a standard model and a deluxe model.
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Berring Company produces two products: the deluxe and the
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Projected sales of the two models for the coming four quarters are
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90,000
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