Estimate the average beer consumption per cruise

Assignment Help Business Economics
Reference no: EM131932647

With a capacity of 6,300 people, Royal Caribbean's Oasis of the Seas is the world's largest cruise ship. The average beer consumption over 15 randomly selected seven-day cruises on the ship was 81,740 bottles with a sample standard deviation of 4,590 bottles. Royal Caribbean would like to estimate the average beer consumption to plan its beer inventory levels on future cruises. (The ship certainly doesn't want to run out of beer in the middle of the ocean!)

a. Construct a 95% confidence interval to estimate the average beer consumption per cruise.

b. What assumptions need to be made about this population?

Reference no: EM131932647

Questions Cloud

Which is the more appropriate to use today : What is the difference between contractionary fiscal policy and expansionary fiscal policy? Which is the more appropriate to use today?
What are the key elements from the studies : What are the key elements from the studies that Darpa must take into account in his role as the director of homeland security for the City of Centervale?
Relationship between ncd and gdp : Using a simple linear regression you estimate the following relationship between NCD and GDP: NCD= 70.8 - 0.0117GDP
Explain difference between cash and accrual accounting : Consider a healthcare organization with which you are familiar with and explain the difference between cash and accrual accounting in healthcare setting.
Estimate the average beer consumption per cruise : a. Construct a 95% confidence interval to estimate the average beer consumption per cruise.
What are the different terms for the discount rate : What are the different terms for the discount rate? What does it represent and why is it used to discount cash flows when valuing projects?
Formulate an educated opinion on the purpose of the o-net : Navigate and Explore the O*NET website to learn about all of the resources it has to offer for career planning. Use a minimum of two research resources.
What is in your opinion the reason for one of recessions : What is in your opinion the reason for at least ONE of the two recessions. Can you find an explanation for the "roots" of the recession?
After-tax cost of debt for new issue of bonds : The corporate tax rate is 31%. What would be the approximate after-tax cost of debt for a new issue of bonds?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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