A sample of 21 minivan electrical warranty repairs for “loose, not attached” wires (one of several electrical failure categories the dealership mechanic can select) showed a mean repair cost of $45.66 with a standard deviation of $27.79. (a) Construct a 95 percent confidence interval for the true mean repair cost. (b) How could the confidence interval be made narrower? (Data are from a project by MBA student Tim Polulak.)

The provided information are: Sample sizen=21Sample meanx¯=45.66Sample standard deviation s=27.79

Answered: A sample of 21 minivan electrical…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A sample of 21 minivan electrical warranty repairs for “loose, not attached” wires (one of several electrical failure categories the dealership mechanic can select) showed a mean repair cost of $45.66 with a standard deviation of $27.79. (a) Construct a 95 percent confidence interval for the true mean repair cost. (b) How could the confidence interval be made narrower? (Data are from a project by MBA student Tim Polulak.)

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