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Statistical Techniques in Business and Economics | 15th Edition | ISBN: 9780073401805 | Authors: Douglas Lind, William Marchal, Samuel Wathen
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Bob Nale is the owner of Nales Quick Fill. Bob would like to estimate the mean number of

Chapter 0, Problem 7

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QUESTION:

Bob Nale is the owner of Nales Quick Fill. Bob would like to estimate the mean number of gallons of gasoline sold to his customers. Assume the number of gallons sold follows the normal distribution with a population standard deviation of 2.30 gallons. From his records, he selects a random sample of 60 sales and finds the mean number of gallons sold is 8.60. a. What is the point estimate of the population mean? b. Develop a 99 percent confidence interval for the population mean. c. Interpret the meaning of part (b)

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QUESTION:

Bob Nale is the owner of Nales Quick Fill. Bob would like to estimate the mean number of gallons of gasoline sold to his customers. Assume the number of gallons sold follows the normal distribution with a population standard deviation of 2.30 gallons. From his records, he selects a random sample of 60 sales and finds the mean number of gallons sold is 8.60. a. What is the point estimate of the population mean? b. Develop a 99 percent confidence interval for the population mean. c. Interpret the meaning of part (b)

ANSWER:

Step 1 of 4

Given:

The number of gallons sold follows the normal distribution.

The population standard deviation is  gallons.

The sample number of sales is .

The mean number of gallons sold is 8.60 gallons.

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