An ethanol railroad tariff is a fee charged for shipments of ethanol on public railroads. An agricultural association publishes tariff rates for railroad-car shipments of ethanol. Assuming that the standard deviation of such tariff rates is $950, determine the probability that the mean tariff rate of 450 randomly selected railroad-car shipments of ethanol will be within $90 of the mean tariff rate of all railroad-car shipments of ethanol. Interpret your answer in terms of sampling error. A )The probability is ( ) ? enter your response here. (Round to three decimal places as needed.) B) Interpret this probability in terms of the sampling error. Choose the correct answer below and fill in the answer box to complete your choice. There is about a (? )% chance that the sampling error made in estimating the (?) tariff rate of all railroad-car shipments of ethanol will be (?) $90. (Round to one decimal place as needed.)
2)
An ethanol railroad tariff is a fee charged for shipments of ethanol on public railroads. An agricultural association publishes tariff rates for railroad-car shipments of ethanol. Assuming that the standard deviation of such tariff rates is $950, determine the
A )The probability is ( ) ? enter your response here.
(Round to three decimal places as needed.)
B) Interpret this probability in terms of the sampling error. Choose the correct answer below and fill in the answer box to complete your choice.
There is about a (? )% chance that the sampling error made in estimating the (?) tariff rate of all railroad-car shipments of ethanol will be (?) $90.
(Round to one decimal place as needed.)
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