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1. The Human Relations Department of Electronics, Inc., would like to include a dental plan as part of the benefits package. The question is: How much does a typical employee and his or her family spend per year on dental expenses? A sample of 45 employees reveals the mean amount spent last year was $1,820, with a standard deviation of $660.
a. Construct a 95 percent confidence interval for the population mean. Interpret the interval.
b. The information from part (a) was given to the president of Electronics, Inc. He indicated he could afford $1,700 of dental expenses per employee. Is it possible that the population mean could be $1,700? Justify your answer.
Does this sample prove a violation of the guideline that the average patient should pay no more than $250 out-of-pocket?
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Ffinding that the mean sodium content is 324 mg, with a standard deviation of 35 mg. Find a 95 % confidence interval for the mean sodium content of this brand of hotdog.
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FINRA is considering three alternatives for providing food services (breakfast and lunch) to its employees: creating a company owned food service and hiring its own staff, hiring an outside vendor to provide food services (outsourcing), or a combi..
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Inventories represent a considerable investment for every organization; thus, it is important that they be managed well. Excess inventories can indicate poor financial and operational management.
Is there evidence that the population mean amount is different from 8.17 ounces? (Use a 0.05 level of significance and determine the p-value and interpret its meaning.
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