Construct the interval as the average weight of machine

Assignment Help Business Economics
Reference no: EM131974126

The manufacturers of Good-O use two different types of machines to fill their 25 kg packs of dried dog food. On the basis of random samples of size 12 and 14 from output from machines 1 and 2 respectively, the mean and standard deviation of the weight of the packs of dog food produced were found to be 24.657 kg and 0.147 kg for machine 1 and 24.131 kg and 0.182 kg for machine 2. Hence, under the usual assumptions, determine a 98% confidence interval for the difference between the average weight of the output produced by machine 1 and by machine 2. Construct the interval as the average weight of machine 1 minus machine 2, stating only the lower limit of the interval correct to 3 decimal places.

Reference no: EM131974126

Questions Cloud

Adani carmichael coal mine in queensland : Discuss the possible negative externalities associated with the project and how this would affect the efficient level of output. Depict this on a diagram.
What is the equilibrium if each player chooses : In the game of Chicken what is the equilibrium if each player chooses sequentially as in Stackelberg?
Why a government may not want to encourage competition : Why a government may not want to encourage competition in a market with a monopoly?
Complete the income statements using absorption costing : Complete the following income statements using absorption costing. Complete the following income statements using variable costing.
Construct the interval as the average weight of machine : Construct the interval as the average weight of machine 1 minus machine 2, stating only the lower limit of the interval correct to 3 decimal places.
Identify one monopoly from which you buy a good or service : Identify one Monopoly from which you buy a good or service? Identify one oligopoly from which you buy a good or service?
Significant costs associated with inflation : Other economists think that there are significant costs associated with inflation above 2-3%. What are they? Briefly discuss
Develop a strategic project plan : ECM28EMD - PROJECT MANAGEMENT - Develop a strategic project plan in the form of a document not more than 4000 words, excluding appendices and references.
Effect of the omo process : The Central Bank of China would like to decrease the interest rates in the economy. What open market operation (OMO) action should the Central Bank of China

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd