Question
2. ABC Inc. carries inventory of 2000 items. The population standard deviation for the cost of...
2. ABC Inc. carries inventory of 2000 items. The population standard deviation for the cost of the inventory is σ = 144. A consultant recommends that the company takes a sample of 160 items from its inventory to estimate the average cost per item. Please answer the following questions:
a. What is the standard error of the sampling distribution of ?̅ ?
b. What is the probability that the sample mean will be within ±25 of the population mean µ?
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
Three firms carry inventories that differ in size. Firm A's inventory contains items, firm B's inventory...
Three firms carry inventories that differ in size. Firm A's
inventory contains items, firm B's inventory contains items, and
firm C's inventory contains items. The population standard
deviation for the cost of the items in each firm's inventory is . A
statistical consultant recommends that each firm take a sample of
items from its inventory to provide statistically valid estimates
of the average cost per item. Employees of the small firm state
that because it has the smallest population, it...
In the EAI sampling problem, the population mean is 51900 and the population standard deviation is...
In the EAI sampling problem, the population mean is 51900 and
the population standard deviation is 4000. When the sample size is
n=30 , there is a 0.5034 probability of obtaining a sample mean
within +/- 500 of the population mean. Use z-table.
a. What is the probability that the sample mean
is within 500 of the population mean if a sample of size 60 is used
(to 4 decimals)?
b. What is the probability that the sample mean
is...
Suppose a sample of n = 50 items is drawn from a population of manufactured products...
Suppose a sample of n = 50 items is drawn from a population of
manufactured products and the weight, X, of each item is recorded.
Prior experience has shown that the weight has a probability
distribution with µ=6 ounces and σ=2.5 ounces. Which of the
following is true about the sampling distribution of the sample
mean if a sample of size 15 is selected?
Select one:
a. 45.8
b. 67.4
c. 77
d. 78.3
e. 56.6
A simple random sample of 70 items resulted in a sample mean of 80. The population standard deviation is
A simple random sample of 70 items resulted in a sample mean of
80. The population standard deviation isσ = 15.(a)Compute the 95% confidence interval for the population mean.
(Round your answers to two decimal places.)to(b)Assume that the same sample mean was obtained from a sample of
140 items. Provide a 95% confidence interval for the population
mean. (Round your answers to two decimal places.)to(c)What is the effect of a larger sample size on the interval
estimate?A larger sample size...
Suppose we know that the population standard deviation for wages (σ) is $15. A random sample...
Suppose we know that the population standard deviation for wages
(σ) is $15. A random sample of n = 900 results in a sample mean
wage of $50. (10 points)
Provide 95% confidence interval estimate of µ. Interpret the
result. What is the value of the margin of error?
Provide 90% confidence interval estimate of µ. What is the value
of the margin of error?
Provide 99% confidence interval estimate of µ. What is the value
of the margin of...
1. Suppose a random sample of 100 elements is selected from a non-normally distributed population with...
1. Suppose a random sample of 100 elements is selected
from a non-normally distributed
population with a mean of µ = 30 and a standard deviation of σ =
8.
a. What is the expected value of ?̅?
b. What is the standard error of the mean ??̅?
c. What is the sampling distribution of ?̅? Describe its
properties.
d. If we select a random sample of size n = 100, what is the
probability that ?̅will fall
within ±...
A population has a mean μ=40 and a standard deviation σ=4. What is the standard deviation...
A population has a mean μ=40 and a standard deviation σ=4. What
is the standard deviation of the sampling distribution of the
sample means if the sample size is n=16?
When constructing a confidence interval estimate for a population mean (when the standard deviation of the...
When constructing a confidence interval estimate for a
population mean (when the standard deviation of the population is
known), what is the calculation that has to be made to obtain the
error margin? A. You multiply the number of standard deviations by
the standard deviation of the sampling distribution of sample
means. B. You subtract the sample mean from the population mean and
then divide by the standard deviation of the population. C. You
divide the standard deviation of the...
Suppose that we will take a random sample of size n from a population having mean...
Suppose that we will take a random sample of size n from a
population having mean µ and standard deviation σ. For each of the
following situations, find the mean, variance, and standard
deviation of the sampling distribution of the sample mean : (a) µ =
18, σ = 2, n = 22 (Round your answers of "σ " and "σ 2" to 4
decimal places.) (b) µ = 494, σ = .3, n = 125 (Round your answers
of...
For a sample of 35 items from a population for which the standard deviation is 20.5,...
For a sample of 35 items from a population for which the
standard deviation is 20.5, the sample mean is 458. At the 0.05
level of significance, test H0: µ = 450 verses H1: µ ≠ 450.
Determine and interpret the p-value for the test.
Given the information in the previous question, construct a 95%
confidence interval for the population mean, then reach a
conclusion regarding whether µ could actually be equal to the value
that has been hypothesized. How...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 6 minutes ago
asked 8 minutes ago
asked 8 minutes ago
asked 19 minutes ago
asked 22 minutes ago
asked 38 minutes ago
asked 47 minutes ago
asked 58 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago