Tabulate the sampling cost

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Reference no: EM131373630

A confidence interval for a population mean is to be estimated. The population standard deviation σ is guessed to be anywhere from 14 to 24. The half-width B desired could be anywhere from 2 to 7

a. Tabulate the minimum sample size needed for the given ranges of σ and B.

b. If the fixed cost of sampling is $350 and the variable cost is $4 per sample, tabulate the sampling cost for the given ranges of σ and B.

c. If the cost of estimation error is given by the formula 10B2, tabulate the total cost for the given ranges of σ and B. What is the value of B that minimizes the total cost when σ = 14? What is the value of B that minimizes the total cost when σ = 24?

Reference no: EM131373630

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