How much oil wells in a given field will ultimately produce is key information in deciding whether to drill more wells. Data was
collected estimating the total amount of oil recovered (in thousands of barrels) from 64 wells in the Devonian Richmond Dolomite area of the Michigan Basin. The data is in an Excel file on Canvas. Give a 95% confidence interval for the mean amount of oil recovered from all wells in this area.
DATA:
Oil
21.7
53.2
46.4
42.7
50.4
97.7
103.1
51.9
43.4
69.5
156.5
34.6
37.9
12.9
2.5
31.4
79.5
26.9
18.5
14.7
32.9
196
24.9
118.2
82.2
35.1
47.6
54.2
63.1
69.8
57.4
65.6
56.4
49.4
44.9
34.6
92.2
37
58.8
21.3
36.6
64.9
14.8
17.6
29.1
61.4
38.6
32.5
12
28.3
204.9
44.5
10.3
37.7
33.7
81.1
12.1
20.1
30.5
7.1
10.1
18
3
2
DATA:
Oil
21.7
53.2
46.4
42.7
50.4
97.7
103.1
51.9
43.4
69.5
156.5
34.6
37.9
12.9
2.5
31.4
79.5
26.9
18.5
14.7
32.9
196
24.9
118.2
82.2
35.1
47.6
54.2
63.1
69.8
57.4
65.6
56.4
49.4
44.9
34.6
92.2
37
58.8
21.3
36.6
64.9
14.8
17.6
29.1
61.4
38.6
32.5
12
28.3
204.9
44.5
10.3
37.7
33.7
81.1
12.1
20.1
30.5
7.1
10.1
18
3
2
1 answer:
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Answer:
c) .22
Step-by-step explanation:
We have that to find our level, that is the subtraction of 1 by the confidence interval divided by 2. So:
Now, we have to find z in the Ztable as such z has a pvalue of .
So it is z with a pvalue of , so
Now, find the margin of error M as such
In which is the standard deviation of the population and n is the size of the sample.
In this question:
Then