Confidence Intervals
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Tesla Motors needs to buy axles for their new car. They are considering using Chris Cross Manufacturing as a vendor. A random sample of 250 axles yields 240 that met Tesla's specifications.
a) Determine the 99% confidence interval for the population proportion of criss cross axles that meet Tesla's specifications.
b) Interpret this interval.
c) How many axles should be tested to generate a 99% confidence interval with an error margin of 1.5%?
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Solution:
a) The confidence interval for proportion is given as
p±zα2 p1−pn
where, p represents the proportion of success=240250=0.96
n represents sample size=250
Zα2for 99% confidence ...
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