They also find that the sample standard deviation is 4.1 bottles per week. One of them knows that you are currently taking BUAD 310 and asks for your help estimating the actual average demand. You have decided to construct a 95% confidence interval to estimate the true population demand among the students on campus. What is the t* value you are going to use for it? Round your answer to 2
They also find that the sample standard deviation is 4.1 bottles per week. One of them knows that you are currently taking BUAD 310 and asks for your help estimating the actual average demand. You have decided to construct a 95% confidence interval to estimate the true population demand among the students on campus. What is the t* value you are going to use for it? Round your answer to 2
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter6: Linear Systems
Section6.8: Linear Programming
Problem 5SC: If during the following year it is predicted that each comedy skit will generate 30 thousand and...
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An enterprising New Product Development class has an idea to sell on campus custom-flavored, enriched bottles of water from dispensers which would add customers’ desired vitamins and natural flavors to each bottle. To assess profit potential, they need an estimate of demand for bottled water on campus. If demand exceeds the breakeven level of seven bottles per week per customer, the business would generate profit.
The entrepreneurial class needs to know whether or not demand exceeds seven bottles per consumer per week, because below this level of demand, revenues wouldn’t cover expenses.
Unless sample data indicates sufficient demand, the class will stop development.
Since the class of entrepreneurs doesn’t know that the population mean is, they will estimate this mean using their sample data.
They take a random sample of thirty students on campus and find that on average a student consumes 9.9 bottles per week. They also find that the sample standard deviation is 4.1 bottles per week.
One of them knows that you are currently taking BUAD 310 and asks for your help estimating the actual average demand.
You have decided to construct a 95% confidence interval to estimate the true population demand among the students on campus.
What is the t* value you are going to use for it? Round your answer to 2 decimals.
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