In planning both market opportunity and production levels, being
able to estimate the size of a market can be important. Suppose a
diaper manufacturer wants to know how many diapers a one-month-old
baby uses during a 24-hour period. To determine this usage, the
manufacturer's analyst randomly selects 17 parents of
one-month-olds and asks them to keep track of diaper usage for 24
hours. The results are shown. Assume diaper usage is normally
distributed, construct a 99% confidence interval to estimate the
average daily diaper usage of a one-month-old baby. (Three decimal
places)
a. The Upper limit is:
b. The lower limit is:
In planning both market opportunity and production levels, being able to estimate the size of a market can be important.
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answerhappygod
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In planning both market opportunity and production levels, being able to estimate the size of a market can be important.
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