Answered: A new breakfast cereal is test-marketed…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A new breakfast cereal is test-marketed for 1 month at stores of a large supermarket chain. The results for a sample of 16 stores indicate average sales of $1,200 with a standard deviation of $180. Assuming a normal distribution set up a 95% confidence interval estimate of the true average sales of this new breakfast cereal (see the last page for the solutions). State the meaning of µ first, and then interpret the interval; you may use the TI-84 t interval option.

The answer is 95% (1104.1, 1295.9)

1. If the mean sales of the new cereal are at least $1000 per month, the stores will start selling the cereal for a one-year trial. Should the new cereal get its chance in the cereal aisle for a one-year trial? Explain.

Answer number 1

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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