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:
You might be interested in
Answer:
See explanation
Step-by-step explanation:
A. Gasoline fill-up fee = $4.50
Cost per hour = $40
Average cost = C
Number of hours the scootcar is rented = h
Cost per h hours = $40h
Total cost = $40h + $4.50
Hence,
C = 40h+4.5
B. To plot the graph of the function, find h- and C- intercepts.
When h = 0, then C = 4.5, and we have point (0,4.5)
When C = 0, then 0 = 40h + 4.5, h = -45/400 = -0.1125, and we have point (-0.1125,0)
Plot these two points and connect them with a straight line.
Graph is attached, but you should take only that part of the graph that corresponds to points with h > 0, because the number of hours cannot be negative
