Ask a New Question

Question

You are a buyer bidding on a lot of 10,000 uncut diamonds. You select 100 stones at random, sight unseen, from the lot. The average weight is 0.98 ct with a standard deviation in the sample of 0.11 ct. What is the 95% confidence interval for the average weight of a stone in the lot?
15 years ago

Answers

MathGuru
Formula:

CI95 = mean + or - 1.96(sd/√n)

Substituting the data given in the problem:

CI95 = 0.98 + or - 1.96(0.11/√100)

I'll let you take it from here.
15 years ago

Related Questions

Does the transaction of a buyer and seller directly affect a third party in home building? Is the ef... A buyer is usually not willing to spend a lot of time and energy researching the market when: c.... who are the two bidding on the monkey music box in the phantom of the oprea? We are currently bidding on Treasury bills and have determined that we must have a 5% return for a $... How much will a buyer pay for 15kg of fish if 1kg costs $435.65‚approximate your awser to the near... Thousands at His bidding speed And post o'er land and ocean without rest: They also serve who only... A retailer changes a buyer’s behavior when trying to boost sales of an unpopular product by putting... What is the outcome of Buyer's test.The test for unsaturation how bidding works Which phase in the Buyer’s Journey identifies the process of a customer evaluating their options as...
Ask a New Question
Archives Contact Us Privacy Policy Terms of Use