The standard deviation of the daily demand for a product is an important factor for inventory control for the product. Suppose that a pharmacy wants to estimate the standard deviation of the daily demand for a certain antibiotic. It is known that the daily demand for this antibiotic follows an approximately normal distribution. A random sample of days has a sample mean of orders for this antibiotic with a standard deviation of orders. Find a confidence interval for the population standard deviation of the daily demand for this antibiotic. Then complete the table below.

Carry your intermediate computations to at least three decimal places. Round your answers to at least two decimal places.

1. What is the lower limit of the 99% confidence interval? ___
2. What is the upper limit of the 99% confidence interval? ___

The standard deviation of the daily demand for a product is an important factor for inventory control for the product. Suppose that a pharmacy wants to estimate the standard deviation of the daily demand for a certain antibiotic. It is ...

Solution Summary

The lower and upper limit of the 99% confidence interval. Intermediate computations for three decimal places are given.

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... Round your answers to one decimal place (a) What is the lower limit of the 99% confidence interval? (b) What is the upper limit of the 99% confidence interval? ...

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