A lawn mower company will produce 1,500 lawn mowers by 2020. In an effort to determine how much maintenance-free consumers will buy when they buy lawn mowers, the company decided to conduct a study over the past 1 year of these mowers. First, a random sample was taken by contacting 200 grass mowers. The company owner provides an 800 number and is asked to contact the company when the first repair is needed for the lawn mower. Owners who no longer use lawn mowers to cut their grass are either disqualified or not sampled. After 1 year, it turned out that 187 owners had reported for the first repair. However, the other 74 disqualified themselves. The average number per year until the first improvement was 5.3 times for samples deemed feasible. It is believed that the standard deviation is 1.28 per year. If the company wants to advertise the lawnmower and with a confidence level of 95%, what is the estimated annual mean value of repair-free lawn mower for this lawn mower? What is the benefit of estimating the estimated value in this case (analyze the answers you have obtained)?
A lawn mower company will produce 1,500 lawn mowers by 2020. In an effort to determine how much maintenance-free consumers will buy when they buy lawn mowers, the company decided to conduct a study over the past 1 year of these mowers. First, a random sample was taken by contacting 200 grass mowers. The company owner provides an 800 number and is asked to contact the company when the first repair is needed for the lawn mower. Owners who no longer use lawn mowers to cut their grass are either disqualified or not sampled. After 1 year, it turned out that 187 owners had reported for the first repair. However, the other 74 disqualified themselves. The average number per year until the first improvement was 5.3 times for samples deemed feasible. It is believed that the standard deviation is 1.28 per year. If the company wants to advertise the lawnmower and with a confidence level of 95%, what is the estimated annual
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