Compute the mean monthly cost

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The results of the 4 independent replications of an (M, L) inventory system for the monthly cost are:  [$243.71, $236.36, $235.78, $233.89]

  • Compute the mean monthly cost with a 95% confidence interval.
  • Using the results of part (a) to estimate mean monthly cost within $7.5, do additional replications needed? If yes how many? If no why?
  • Compute the prediction interval and it is limits

Reference no: EM131017463

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