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Electronic Systems claims that it has developed a new, cheap process for manufacturing high definition color television picture tubes. Assume they have approached you about investing in their company so that they can begin mass production of the picture tubes. One of the things you might want to know is how durable the tubes manufactured by the cheaper process may be. To answer this question, the company tested a sample of 16 picture tubes and found mean length of life as 3220 hours and standard deviation as 20 hours. Assume that the tube life length is normally distributed.
a. What is the best point estimate for the population mean?
b. What is the 90% confidence interval for the population mean? Interpret your confidence interval
c. Discuss what happens to the width of the confidence interval as the sample size increases from 16 to 24 and explain why?
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