Suppose you are trying to determine the number of boxes you need to order to be...

Suppose you are trying to determine the number of boxes you need to order to be able to ship the orders from your small business this week. You consistently over- or underestimate how many you need, so you decide to figure it out with statistics! You take a sample of data you’ve recorded from past orders.

Consider a sample with the following properties: x̅ = 893.6, s = 63.2, n = 48

A) Why might you prefer an interval estimate over a point estimate?

B) Calculate a confidence interval with a confidence level of 95%

C) Interpret your results from part B.

D) Calculate a confidence interval with a confidence level of 99%

E) Why is the 99% confidence interval wider than the 95% confidence interval?

Expert Solution

orchestra answered 1 year ago

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