Confidence interval and population mean

Reference no: EM1312215

Estimating 95% confidence interval for population mean:

Question 1: A state meat inspector estimated the mean net weight of ground chuck labeled "3 pounds". He realizes they will not be exactly 3 lbs. A sample of 36 packages yielded a mean weight of 3.01 pounds with a std dev of 0.03 lbs.

a) What is the estimated population mean?

b) Determine a 95% confidence interval for the population mean.

Question 2: An important factor in selling a residential property is the number of people going through the home. A sample of 15 homes sold revealed the mean number of people looking through the home was 24 with a std dev of 5 people. Develop a 98% confidence interval for the population mean.

Reference no: EM1312215

Questions Cloud

Federal debt as a percentage of nominal gdp : On the graph below, use the blue points (circle symbol) to plot the federal debt as a percentage of nominal GDP for every of the five years elucidate how.

Computation of multiple cash flows for a year : Computation of multiple cash flows for a year and Future value of a $1 annuity when R= 8% compounded annually and t=200

Determining mean of money withdrawn from atms : If random sample of thirty six customer transactions points out that sample mean withdrawal amount is $172, is there evidence to think that population mean withdrawal amount is no longer $160? Determine the mean of data above?

Evaluate the amount of money in a savings account : Evaluate the amount of money in a savings account at the end of five years given an initial deposit of $3,000 and an 8 percent annual interest rate when interest is compounded (a) annually, (b) semiannually, and (c) quarterly.

Confidence interval and population mean : Determine a 95% confidence interval for the population mean.

Estimate equilibrium price and output : Compute the monopoly equilibrium. Compute the consumer surplus. Assume this firm practices two-parts tariffs, Compute the optimal output.

Percentage change in nominal gdp : Calculate the percentage change in nominal GDP, real GDP also the GDP deflator in 2002 also 2003 from the preceding year.

Evaluate the break-even corporate tax rate : Evaluate the break-even corporate tax rate which makes the company indifferent between the two investments?

Testing of the hypothesis : Describing how you would test the hypothesis. Start by examining the living species around you. Ever wonder why the pollinator is attracted to the particular flower.

User Account

All Pages