Business Statistics Application
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Question 1
Design a 95 percent confidence interval for the proportion of defectives in a large lot, if a sample of 200 showed 12 defectives.
Question 2
The prices of 23" TV sets sampled by a consumer guide were as follows: $400, $600, $550, $450, $700, $500, and $650. Build a 98 percent confidence interval for the mean.
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Answer 1:
The Mean proportion = 12/200 = .06
Standard Deviation = Square Root (.06(1-.06)/200) = .0168
95% ...
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