The increasing annual cost (including tuition, room, board, books, and fees) to attend college has been widely discussed (Time.c
om). The following random samples show the annual cost of attending private and public colleges. Data are in thousands of dollars. Private Colleges
53.8 42.2 44.0 34.3 44.0
31.6 45.8 38.8 50.5 42.0
Public Colleges
20.3 22.0 28.2 15.6 24.1 28.5
22.8 25.8 18.5 25.6 14.4 21.8
(a) Compute the sample mean (in thousand dollars) and sample standard deviation (in thousand dollars) for private colleges. (Round the standard deviation to two decimal places.)
(b) Compute the sample mean (in thousand dollars) and sample standard deviation (in thousand dollars) for public colleges. (Round the standard deviation to two decimal places.)
(c) What is the point estimate (in thousand dollars) of the difference between the two population means? (Use Private − Public.)
We estimate that the mean annual cost to attend private colleges is $ more than the mean annual cost to attend public college
(d) Develop a 95% confidence interval (in thousand dollars) of the difference between the mean annual cost of attending private and public colleges. (Use Private − Public. Round your answers to one decimal place.)
To calculate the break-even point in units use the formula: Break-Even point (units) = Fixed Costs ÷ (Sales price per unit – Variable costs per unit) or in sales dollars using the formula: Break-Even point (sales dollars) = Fixed Costs ÷ Contribution Margin
This is simple to solve as all we need to do is setup a basic equation. An equation that could represent this is where x is equal to the amount of wire left on the reel.
Using this information, we can see that there are 1,873 feet of wire left on the reel.
where x is equal to the amount of wire left on the reel.
