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?

Solutions

Expert Solution

orchestra answered 1 year ago

Next > < Previous

Related Solutions

1. You are trying to determine how much you need in order to retire comfortably. You...

1. You are trying to determine how much you need in order to retire comfortably. You would like a monthly retirement income of $20,000 and anticipate living for 30 years in retirement. The first retirement check will come at the end of your first month of retirement. You have already saved $40,000. You expect to earn 6% on your investments. You have 40 years until you retire. How much must you save at the end of each month between now...

Question: (a) " there are a number of instances when you may need to determine the...

Question: (a) " there are a number of instances when you may need to determine the market value of business".Identify and discuss five reasons for coming up with valuations. (b) Discuss the following discounted cash flow approaches in valuing a firm i) Adjusted present value approach ii) Cost of capital approach

Suppose you are trying to estimate the population mean for the number of Denver people that...

Suppose you are trying to estimate the population mean for the number of Denver people that will vote in the next election. You know there are 800,000 voters in Denver. You have sampled 41,000 Denver citizens and have calculated a sample mean of 150,000 likely voters in the next election. You believe the population standard deviation to be 80,000 voters. Please calculate a confidence interval for your sample mean, assuming you wish to be 95% confident.

Suppose you have four extra tickets to a football game and you are trying to determine...

Suppose you have four extra tickets to a football game and you are trying to determine which of your five closest friends to take with you: Mark, Samuel, Elizabeth, James, and Mary. You decided to randomly choose four of them to attend the game with you. What is the probability that you will choose at least one friend whose name starts with the letter M? 0 2/5 4/5 1 2

1. In order to determine which is the best indicator to use, you need to calculate...

1. In order to determine which is the best indicator to use, you need to calculate the pH at the equivalence point of the titration of KHP with NaOH. Suppose you start with 50.0 mL of a 0.060 M solution of KHP and you titrate with 0.1000 M NaOH. What is the pH at the equivalence point? Recall that at the equivalence point, all of the moles of acid have been converted to base. 2. Calculate the volume in mL of...

Suppose you are trying to determine the interest rate sensitivity of two bonds. Bond 1 is...

Suppose you are trying to determine the interest rate sensitivity of two bonds. Bond 1 is a 12% coupon bond with a 7-year maturity and a $1000 principal. Bond 2 is a ‘zero-coupon’ bond that pays $1120 after 7 year. The current interest rate is 12%. - Determine the duration of each bond. - If the interest rate increases 100 basis points (100 basis points = 1%), what will be the capital loss on each bond?

2) In order to set rates, an insurance company is trying to estimate the number of...

2) In order to set rates, an insurance company is trying to estimate the number of sick days that full time workers at a local bank take per year. Based on earlier studies it is known that the standard deviation is 12.3 days per year. How large a sample must be selected if the company wants to be 95% confident that their estimate is within 3 days of the true mean?

In order to set rates, an insurance company is trying to estimate the mean number of...

In order to set rates, an insurance company is trying to estimate the mean number of sick days that full time workers at an auto repair shop take per year. A previous study indicated that the standard deviation was 2.1 days. A. How large a sample must be selected if the company wants to be 90% confident that the true mean differs from the sample mean by no more than 1 day? No need to show work for the critical...

What 3 factors are considered, in trying to determine whether there is a need for additional...

What 3 factors are considered, in trying to determine whether there is a need for additional detailed test of controls?

Suppose that you were trying to determine if more than half of Americans get information about...

Suppose that you were trying to determine if more than half of Americans get information about science and technology from the Internet. In 2016, the General Social Survey asked its participants: Where do you get most of your information about science and technology: newspapers, magazines, the Internet, books or other printed materials, TV, radio, government agencies, family, friends, colleagues, or some other source? Out of 1389, 717 said they got most of their information from the internet. The hypotheses being...

Subjects