The owner of a chain of bookstores plans to close one of his stores. What is the best way to display the data below if he wants
1 answer:
You might be interested in
<h2>Answer with explanation:</h2>
The confidence interval for population mean is given by :-
(1)
, where = sample mean
z* = critical value.
SE = standard error
and ,
= population standard deviation.
n= sample size.
As per given , we have
n= 15
It is known that ring diameter is normally distributed.
By z-table ,
The critical value for 95% confidence = z*= 1.96
A 99% two-sided confidence interval on the true mean piston diameter :
(using (1))
[Rounded to three decimal places]
∴ A 99% two-sided confidence interval on the true mean piston diameter = (74.020, 74.022)
By z-table ,
The critical value for 95% confidence = z*= 1.96
A 95% lower confidence bound on the true mean piston diameter:
(using (1))
[Rounded to three decimal places]
∴ A 95% lower confidence bound on the true mean piston diameter= 74.020