Question
In: Statistics and Probability
Bob Nale is the owner of Nale's Quick Fill. Bob would like to estimate the mean...
|
Bob Nale is the owner of Nale's Quick Fill. Bob would like to estimate the mean number of gallons of gasoline sold to his customers. Assume the number of gallons sold follows the normal distribution with a population standard deviation of 2.2 gallons. From his records, he selects a random sample of 56 sales and finds the mean number of gallons sold is 8.07. (Round your answers to 2 decimal places.) |
| (a) | The point estimate of the population mean is |
| (b) |
The 99 percent confidence interval for the population mean is between and . |
Solutions
Expert Solution
Solution :
Given that,
a.
Point estimate = sample mean = 
= 8.07
b.
Population standard deviation = 
= 2.2
Sample size = n =56
At 99% confidence level the z is ,
= 1 - 99% = 1 - 0.99 =
0.01
/ 2 = 0.01 / 2 = 0.005
Z/2
= Z0.005 = 2.576 ( Using z table )
Margin of error = E = Z/2*
(
/
= 2.576* (2.2 /
= 0.76
At 99% confidence interval mean is,
-
E < 
<
+ E
8.07-0.76 <
< 8.07+0.76
7.31<
< 8.83
(7.31 , 8.83)
orchestra answered 1 year agoRelated Solutions
Bob Nale is the owner of Nale’s Quick Fill. Bob would like to estimate the mean...
Bob Nale is the owner of Nale’s Quick Fill. Bob would like to
estimate the mean number of gallons of gasoline sold to his
customers. Assume the number of gallons sold follows the normal
distribution with a population standard deviation of 1.90 gallons.
From his records, he selects a random sample of 75 sales and finds
the mean number of gallons sold is 5.40.
a.
What is the point estimate of the population mean?
(Round your answer to 2 decimal...
Bob Nale is the owner of Nale’s Quick Fill. Bob would like to estimate the mean...
Bob Nale is the owner
of Nale’s Quick Fill. Bob would like to estimate the mean number of
gallons of gasoline sold to his customers. Assume the number of
gallons sold follows the normal distribution with a population
standard deviation of 2.50 gallons. From his records, he selects a
random sample of 70 sales and finds the mean number of gallons sold
is 7.80.
What is the point estimate of the population mean?
(Round your answer to 2 decimal places.)...
Bob Nale is the owner of Nale’s Quick Fill. Bob would like to estimate the mean...
Bob Nale is the owner of Nale’s Quick Fill. Bob would like to
estimate the mean number of gallons of gasoline sold to his
customers. Assume the number of gallons sold follows the normal
distribution with a population standard deviation of 2.50 gallons.
From his records, he selects a random sample of 55 sales and finds
the mean number of gallons sold is 6.30.
What is the point estimate of the population mean?
(Round your answer to 2 decimal places.)...
Bob Nale is the owner of Nale’s Quick Fill. Bob would like to estimate the mean...
Bob Nale is the owner of Nale’s Quick Fill. Bob would like to
estimate the mean number of gallons of gasoline sold to his
customers. Assume the number of gallons sold follows the normal
distribution with a population standard deviation of 2.30 gallons.
From his records, he selects a random sample of 60 sales and finds
the mean number of gallons sold is 8.60. What is the point estimate
of the population mean? (Round your answer to 2 decimal places.)...
Bob Nale is the owner of Nale’s Quick Fill. Bob would like to estimate the mean...
Bob Nale is the owner of Nale’s Quick Fill. Bob would like to
estimate the mean number of gallons of gasoline sold to his
customers. Assume the number of gallons sold follows the normal
distribution with a population standard deviation of 2.00 gallons.
From his records, he selects a random sample of 65 sales and finds
the mean number of gallons sold is 9.10.
a.
What is the point estimate of the population mean?
(Round your answer to 2 decimal...
Bob Nale would like to determine the mean number of gallons of gasoline sold to his...
Bob Nale would like to determine the mean number of gallons of
gasoline sold to his customers. Assume the number gallons of
gasoline sold is 2 gallons. From his records, he selects 64 samples
and finds the mean is 9 gallons. Find the 95% confidence interval
for the population mean.
You are an experienced small business owner who would like to become a franchisee of Quick...
You are an experienced small business owner who would like to
become a franchisee of Quick Burger, a nationwide franchise of fast
food restaurants. There are some Quick Burger restaurants in your
area, but not so many that another franchise would be unprofitable.
Before joining the franchise, you want to make sure that the
essential terms are clear to both parties. Discuss potential issues
you would need to resolve before entering into a franchise contract
with Quick Burger.
The owner of a departmental store would like to estimate monthly gross revenues as a function...
The owner of a departmental store would like to estimate monthly
gross revenues as a function of advertising
expenditures. Historical data for randomly selected 8 months is
given below (₹ in crores)
Monthly revenue Television Advertising Newspaper advertising
Monthly revenue
Television Advertising
Newspaper advertising
105
5
3.5
100
4
2
95
2
1.5
98
2.5
2.5
102
3
3.3
100
3.5
2.3
98
2.5
4.2
95
3
2.5
a. Derive a regression equation with amount of expenditure on
television advertising...
The owner of Showtime Movie Theaters would like to estimate weekly gross revenue as a function...
The owner of Showtime Movie Theaters would like to estimate
weekly gross revenue as a function of advertising expenditures.
Historical data for a sample of eight weeks are as below:
Week
Weekly gross revenue ($1000s)
TV Advertising ($1000s)
Newspaper Advertising ($1000s)
1
96
5.0
1.5
2
90
2.0
2.0
3
95
4.0
1.5
4
92
2.5
2.5
5
95
3.0
3.3
6
94
3.5
2.3
7
94
2.5
4.2
8
94
3.0
2.5
Following are the regression results for the...
1. The owner of Showtime Movie Theaters, Inc. would like to estimate weekly gross revenue as...
1. The owner of Showtime Movie Theaters, Inc.
would like to estimate weekly gross revenue as a function of
advertising expenditures. Historical data for a sample of eight
weeks follow.
Weekly Gross
Television
Newspaper
Radio
Revenue
Advertising
Advertising
Advertising
($1000s)
($1000s)
($1000s)
($1000s)
96
5
1.5
0.3
90
2
2
0.2
95
4
1.5
0.3
92
2.5
2.5
0.1
95
3
3.3
0.4
94
3.5
2.3
0.4
94
2.5
4.2
0.3
94
3
2.5
0.3
Is the estimated regression equation...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- 4. Why did the United States and the Soviet Union find themselves in a “Cold War”...
- The Facts: Ann and Bill decided to start a coffee shop. They agreed Bill would provide...
- MARGI sells different types of wine. Customers place orders to the most popular “Summer Wine” at...
- A firm's bonds have a maturity of 8 years with a $1,000 face value, have an...
- Naive reasoning suggests that a string theory vacuum with cosmological constant Lambda1 is always unstable as...
- I. Design and code a class Rectangle that has the following properties: Two private members double...
- A bond has a $1,000 par value, 10 years to maturity, and an 8% annual coupon...
ADVERTISEMENT