What is minimum range of sample average volume

Assignment Help Microeconomics
Reference no: EM132122923

Question: Hypothesis Testing: z Tests. Olae Oil Beauty Lotion is a skin moisturizing product that contains rich oils, blended especially for overly dry or neglected skin. The product is sold in 5-ounce bottles by a wide range of retail outlets. In an ongoing review of product quality and consistency, the manufacturer of Olae Oil Beauty Lotion found a sample average product volume of 5.2 ounces per unit with a sample standard deviation of 0.12 ounces, when a sample of n = 144 observations was studied.

A. Calculate the range within which the population average volume can be found with 99% confidence.

B. Assuming that s = 0.12 cannot be reduced, and a sample size of n = 144, what is the minimum range within which the sample average volume must be found to justify with 99% confidence the advertised volume of 5 ounces?

Reference no: EM132122923

Questions Cloud

Do you believe that the decision will harm or help : Do you believe that this decision will harm or help the Australian economy in general? Use at least 5 economic theories you have studied in this unit.
Review problem on rental expenses on the budget statement : Mary has forgotten to put rental expenses on the budget statement this month. Comment on the appropriateness of her action under each of the following.
Summarize the effects and discuss the trends : In 1980, automobile manufacturers in the United States asserted that import quotas be instituted on foreign-produced vehicles marketed in the United States.
How would the individual indifference curves look : Suppose that no amount of other goods can compensate for a loss in health. How would the individual's indifference curves look? Is this a reasonable assumption.
What is minimum range of sample average volume : Hypothesis Testing: z Tests. Olae Oil Beauty Lotion is a skin moisturizing product that contains rich oils, blended especially for overly dry or neglected skin.
What will the level of advertising be : Now let the firm also choose its optimal level of advertising expenditure. In this situation, what output level will be chosen? What price will this yield?
Would you be more or less likely to pursue the policy : Suppose society is risk neutral. Should the policy be pursued or trashed? Why? What if society is risk averse? Would you be more or less likely to pursue.
What are harmful manifestations of plastic shrinkage : What are harmful manifestations of plastic shrinkage of concrete in (a) reinforced columns and (b) slabs? Assuming that the air temperature is 21°C.
How have non-us manufacturers responded : I n 1980, automobile manufacturers in the United States asserted that import quotas be instituted on foreign-produced vehicles marketed in the United States.

Reviews

Write a Review

Microeconomics Questions & Answers

  Explain how does critics affect the labor market

Critics have argued that if there are strong factor substitution effects, these subsidies could reduce employment in the state. Explain their argument. How does this affect the labor market

  How the world lorenz curve and world gini ratio are changing

Incomes in China and India are a small fraction of incomes in Canada. But incomes in China and India are growing at more than twice the rate of those in Canada.

  Draw a time line that illustrates the level of gdp

Draw a time line that illustrates the level of GDP per capita in Xandu in 20 year increments for the next 100 years. Draw a time line that illustrates the level of GDP per capita in Yurdu in 10 year increments for the next 100 years. Given your an..

  One of the widely debated issues in macroeconomic policy

One of the widely debated issues in macroeconomic policy is related government budget, which involves government spending and taxes. Should the government always balance its budget? If you think it should, what steps do you suggest that it should tak..

  How do we form our expectations of the future

According to Keynes, how do we form our expectations of the future? What is the underlying reason that keynes proclaims that investment based on long-term expectations is "scarcely practical" [pg. 4]?

  What percentage of your callers needs to be referred

What percentage of your callers needs to be referred? Of those who had to be referred, what is the average referral time? Develop an Excel program and simulate this problem for 25 calls. Compare your results with the ones in part a and report the d..

  Calculate the amount the firm would need on the present date

Calculate the amount the firm would need on the present date as savings to cover the expected liability. Calculate the amount the firm would need to set aside at the end of each year for the next ten years to cover the expected liability.

  Develop the argument supporting use of market value for

while us gaap requires assets to be valued at the lower of cost or market there is a belief that assets with value

  Describe how the manufacturer utilize the marketing channels

Examine one of your favorite products, and describe how the manufacturer utilizes the marketing channels to get the product to you, the end user.

  Discuss the short-run and long-run costs and benefits

The Fed's decided to maintain its low interest-rate target in the face of a rightward shift of theAD curve in the late 1960s which led to an inflationary equilibrium. Discuss the short-run and long-run costs and benefits of the Fed's other two op..

  What are the market supply functions for power and jobs

Consider an exchange economy with two prominent leaders: Romney and Bernanke. Each get utility from destroying jobs, J; and from power, P.

  Is there something that policymaker should be concerned with

Unemployment insurance, because it allows people to spend more time searching for a job than they would otherwise be able to, can increase the natural rate of unemployment. Is this something that policymakers should be concerned with

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