Question

In: Statistics and Probability

TheCurdleDairyCo.wantstoestimatetheproportionpofcustomersthat will purchase its new broccoli-flavored ice cream. Curdle wants to be 92% confident that they...

TheCurdleDairyCo.wantstoestimatetheproportionpofcustomersthat will purchase its new broccoli-flavored ice cream. Curdle wants to be 92% confident that they have estimated p to within .05. How many customers should they sample?

6. Foracertainurbanarea,inasampleof5months,anaverageof28mail carriers were bitten by dogs each month. The standard deviation of the population is 3 mail carriers. Find the 90% confidence interval of the true mean number of mail carriers who are bitten by dogs each month.

Solutions

Expert Solution

Solution :

Given that,

= 0.5

1 - = 0.5

margin of error = E = 0.05

At 92% confidence level the z is ,

= 1 - 92% = 1 - 0.92 = 0.08

/ 2 = 0.08 / 2 = 0.04

Z/2 = Z0.04 = 1.751

sample size = n = (Z / 2 / E )2 * * (1 - )

= (1.751/0.05 )2 * 0.5 * 0.5

= 306.60

sample size = 307

6)

Given that,

Point estimate = sample mean = = 28

Population standard deviation = = 3

Sample size = n = 5

At 90% confidence level the z is ,

= 1 - 90% = 1 - 0.90 = 0.10

/ 2 = 0.10 / 2 = 0.05

Z/2 = Z0.05 = 1.645

Margin of error = E = Z/2* ( /n)

= 1.645 * (3 / 5 )

= 2.21

At 90% confidence interval estimate of the population mean is,

- E < < + E

28 - 2.21 < < 28 + 2.21

25.79 < < 30.21

( 25.79 , 30.21 )


Related Solutions

Test Company makes ice cream flavored with a variety of fruits and nuts. The following costs...
Test Company makes ice cream flavored with a variety of fruits and nuts. The following costs were incurred last month. Management’s objective is to determine a product cost for external financial reporting purposes. Classify each cost as either product or period cost. Also, classify each cost as direct materials, direct labor, overhead, selling, or administrative. For the first blank answer: product or period For blank second blank answer: direct materials, direct labor, overhead, selling, or administrative Example: The cost of...
B&R and Sweet J are two competitors that sell flavored ice cream in a market where...
B&R and Sweet J are two competitors that sell flavored ice cream in a market where they are the only two sellers. Both companies are considering what actions to undertake in the following week. The profit of each firm depends on the other firm’s decision. The payoff matrix shown here gives each firm’s daily profits. The first entry in each cell of the payoff matrix is B&R’s profit, and the second entry is Sweet J’s profit. Sweet J Advertise Do...
THE SCENARIO: 31 Scoops Ice Cream a new concept in gourmet ice cream is finishing up...
THE SCENARIO: 31 Scoops Ice Cream a new concept in gourmet ice cream is finishing up its business plan for upcoming Venture Capital rounds and just needs to complete its break-even analysis to be done. In order to get started with its ice cream business, it will need to purchase some state-of-the-art ice-cream manufacturing equipment valued at $50,000, which they will be able to purchase at a 30% discount. In addition, they will need to rent several store locations for...
Pottle Ice Cream uses a mixing department and a freezing department to produce its ice cream....
Pottle Ice Cream uses a mixing department and a freezing department to produce its ice cream. Its process costing system in the mixing department has two direct materials cost categories (ice cream mix and flavourings) and one conversion cost pool. The following data pertain to the mixing department for April 2018: Work-in-process, 1 April                                                                    0 Started in April                                                                          10 000 litres Completed and transferred to freezing                                           8 500 litres Costs: Ice cream mix                                                                         $27 000 Flavourings                                                                              $4 080 Conversion costs                                                                    ...
Before purchasing the new ice cream truck, Cowboy Ice Cream, Inc. (CIC) considered eliminating the Retail...
Before purchasing the new ice cream truck, Cowboy Ice Cream, Inc. (CIC) considered eliminating the Retail Division. This was mainly prompted by Frank’s (W.T. fellow shareholder) concern that the income statements for the divisions for May-September 2017 (when the Retail Division is at full operation) imply that profitability could be improved if the Retail Division were eliminated. Division Retail Wholesale Sales $60,000 $160,000 Cost of goods sold (18,000) (90,000) Variable operating expenses required to operate each division (31,500) (15,050) Contribution...
An ice-cream shop serves 5 flavors ice-cream to its customers. The shop has seating capacity for...
An ice-cream shop serves 5 flavors ice-cream to its customers. The shop has seating capacity for 6 people. One fine Saturday morning, as the shop opens, 4 kids enter the shop for ice-cream. Please provide expanded formulas or expressions to answer following questions. You need not solve the final arithmetic. 1. What are the different ways in which the 4 kids can sit? 2. What are the different types of orders possible, if each kid orders exactly one serving of...
Graeter’s is thinking about expanding its ice cream flavors. They have created three new flavors of...
Graeter’s is thinking about expanding its ice cream flavors. They have created three new flavors of ice cream: (1) Lemon Merengue Pie, (2) Butterscotch, and (3) Banana Cream Pie. They recruit 18 people to participate in their study, and they assign each participant to taste-test one of their new ice cream flavors. After tasting the flavor, participants rate their likelihood of ordering that ice cream flavor on their next trip to Graeter’s, using a scale from 1 (I definitely wouldn’t...
Part A: New Equipment Rhonda is debating about buying a new ice cream machine for one...
Part A: New Equipment Rhonda is debating about buying a new ice cream machine for one of her stores. The current machine is valued at $10,000 this year and will generate $2,500 of profit for the store. The value of the machine at the end of the year will be $8,250. Her other option is to purchase a new piece of equipment for $15,000. The new equipment will generate $4,000 in profit and will be valued at $12,500. Calculate the...
1. The following is the assumed demand schedule for an ice cream consumer in Bronx, New...
1. The following is the assumed demand schedule for an ice cream consumer in Bronx, New York: Demand Schedule Price Quantity Demanded per Year (thousands of cones) $2.25 12 $2.00 16 $1.75 20 $1.50 24 $1.25 28 $1.00 32 (A). Using the information above, draw a graph showing the consumer’s demand curve for Ice cream.( B). Explain the differences between a change in quantity demanded of ice cream and a Change in the demand of ice cream. C. Would a...
You run a company (Alpha) that is trying to enter the ice cream industry. The new...
You run a company (Alpha) that is trying to enter the ice cream industry. The new line production requires an investment of 600,000 today and will be depreciated within 12 years with straight line depreciation method. In the 12th year the machine will be worth 3,500. Sales are estimated at 100,000 for each year but after the 12th year production will stop. The annual operating costs are 15,000 per year. There are two competing companies (which have a 50% market...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT