What interval would you expect the sample mean to fall

Assignment Help Business Economics

Reference no: EM131196081

The fuel economy of a 2011 Lexus RX 350 2WD 6 cylinder 3.5 L automatic 5−speed using premium fuel is a normally distributed random variable with a mean of μ = 20.5 MPG and a standard deviation of σ = 1.25 MPG.

(a) What is the standard error of X, the mean from a random sample of 16 fill−ups by one driver? (Round your answer to 4 decimal places.)

Standard error of X _____

(b) Within what interval would you expect the sample mean to fall, with 90 percent probability? (Round your answers to 4 decimal places.)

The interval is from ____ to _____

Reference no: EM131196081

Questions Cloud

Assume initial equilibrium in domestic automobile market : Assume initial equilibrium in the domestic automobile market. Using supply and demand analysis explain what will happen to both the equilibrium price and quantity if the following happens: You hear on the news that the Japanese have increased the pri..

Make choice we are faced with an opportunity cost : Every time we have to make a choice we are faced with an opportunity cost. Using an example in your professional life, identify a situation where you were presented with a choice, the opportunity cost of the choice you made, and the process you used ..

Discuss the importance of a business plan to an entrepreneur : Discuss the components of the Healthy and Beauty spas' business environment and explain how each of the environmental variables impacted on Jabualni's business. Discuss the importance of a business plan to an entrepreneur

Comparing the costs of producing inpatient services : Suppose that you are interested in comparing the costs of producing inpatient services at Saving Grace Hospital with those at ACME Hospital Further suppose that the two hospitals annual admit about 24,000 and 32,000 patients, respectively at average ..

What interval would you expect the sample mean to fall : The fuel economy of a 2011 Lexus RX 350 2WD 6 cylinder 3.5 L automatic 5−speed using premium fuel is a normally distributed random variable with a mean of μ = 20.5 MPG and a standard deviation of σ = 1.25 MPG. What is the standard error of X, the mea..

Undergoing changes in product lines and operating structure : Final Project Scenario You are an economist for the Vanda-Laye Corporation, which produces and distributes outdoor cooking supplies. The company has come under new ownership and management and will be undergoing changes in its product lines and opera..

Based on economic forecasts to upper management of your firm : You are in charge of making recommendations based on economic forecasts to upper management of your firm, which produces widgets, and employs 2,500 workers. what recommendations would you make to improve performance and promote better decision making..

Current macroeconomic disturbance to the business cycle : Compare and contrast a historical and/or current macroeconomic disturbance to the business cycle and economic policy decisions related to that disturbance. The disturbance would be some event that causes either unemployment or inflation to rise. Be s..

User Account

All Pages