Answered: A toy manufacturer wants to see how…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

A toy manufacturer wants to see how long, on average, a new toy captures children's attention. He tests

children selected at random and finds that their mean attention span is

minutes with a standard deviation of

minutes. If we assume that attention spans are normally distributed, find a

90%

confidence interval for the mean attention span of children playing with this new toy. Give the lower limit and upper limit of the

90%

confidence interval.

Carry your intermediate computations to at least three decimal places. Round your answers to one decimal place. (If necessary, consult a list of formulas.)

Lower limit:
Upper limit:

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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