Confidence interval for population average weight of candies

Assignment Help Game Theory
Reference no: EM1390619

A sample of 16 small bags of the same brand candies was selected. Assume that the population distribution of bag weights is normal. The weight of each bag was then recorded. The mean weight was 2 ounces with a standard deviation of 0.12 ounces. The population standard deviation is known to be 0.1 ounce.

a. Define the Random variable x in words

b.Which distribution should you use for this problem? Explain your choice.

c. Construct a 90% confidence interval for the population average weight of the candies.

d. State the confidence interval in words.

e. Calculate the error bound (EBM)

f. Construct a 98% confidence interval for the population average weight of the candies.

g. State the confidence interval in words.

h. Calculate the error bound (EBM)

i. In complete sentences, explain why the confidence interval in (f) is larger than the confidence interval in c.

Reference no: EM1390619

Questions Cloud

Determine the car initial speed : An 8000-kg freight car rolls along rails with negligible friction. The car is brought to rest by a combination of two coiled springs.
Clarify any part of the bottom of the tank : When the afternoon Sun reaches an angle of 30° above the horizon, sunlight ceases to clarify any part of the bottom of the tank. How deep is the tank.
Prevent mosquito dependent spread of west nile virus : Suppose you decide to discover a way to prevent the mosquito dependent spread of the West Nile virus. You add a chemical to a small pool of water which contains many mosquito larvae.
Measures of central tendency for workers living in community : You're asked to determine whether the workers live in the community. Your personnel department provides the following table:
Confidence interval for population average weight of candies : Construct a 90% confidence interval for the population average weight of the candies.
Two ropes in a vertical plane exert equal magnitude forces : What pull does each one exert if their resultant pull is 402-N straight upward.
What is the average force his feet exert on the ground : Treating our rigid legged friend as a particle, what is the average force his feet exert on the ground while he slows down.
Define the location of the mutation : To further discuss and define the location of the his mutation, the mutant strain was used as a recipient in a bacteriophage P1 transduction experiment.
What is the highest speed of the disk : A penny of mass 3.10 g rests on a small 22.40 g block supported by a spinning disk of radius 11 cm. The coefficients of friction between block and disk are 0.715 (static) and 0.64 (kinetic) while those for the penny and block are 0.564 (static) an..

Reviews

Write a Review

Game Theory Questions & Answers

  Question about nash equilibrium

Following is a payoff matrix for Intel and AMD. In each cell, 1st number refers to AMD's profit, while second is Intel's.

  Nash equilibrium based question

Consider the following data for a simultaneous move ggiven: If you advertise and your rival advertises, you will each earn 5 million dollar in profits.

  Estimate cost function

Suppose you are a potential entrant into a market that previously has had entry blocked through the government. Your market research has estimated that the market demand curve for industry is

  Find the dollar weighted yield rate

Find the dollar weighted (simple interest) yield rate and the time weighted yield of the account for this year.

  Calculating the betas for stocks

You have observed the following returns over time. Suppose that the risk free rate is 6 percent and the market risk premium is 5 percent.

  Game theory and oligopoly

Advanced Micro Devices declared a 10 percent price raise for certain advanced microprocessors, used primarily in video games. The processors will sell for about $1,000 compared to Intel's $950 price.

  Use the best-response approach to find all nash equilibria

Player 1 has the following set of strategies {A1;A2;A3;A4}; player 2’s set of strategies are {B1;B2;B3;B4}. Use the best-response approach to find all Nash equilibria.

  Compute the complete payoff table

Company A and B are battling for market share in two separate markets. Market I is worth $30  million in revenue; market II is worth $18 million.

  Game theory based question

Assume that the companies in an oligopolistic market engage in a price war and, as a result, all companies earn lower profits. Game theory would describe this as what?

  Finding the nash equilibrium

Determine the solution to the given advertising decision game between Coke and Pepsi, assuming the companies act independently.

  National average for a new car loan

The national average for a new car loan is 8.28%. If the rates are normally distributed with a standard deviation of 3.5%, find the probability one can receive a rate less than 9%

  Determine the nash equilibrium for trade policy

Consider trade relations in the United State and Mexico. Suppose that leaders of two countries believe the payoffs to alternative trade policies are as follows:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd