### Understanding Ethanol Railroad Tariff Rates**Scenario:**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 $1000, we want to determine the probability that the mean tariff rate of 550 randomly selected railroad-car shipments of ethanol will be within $80 of the mean tariff rate of all railroad-car shipments of ethanol. **Objective:**Interpret your answer in terms of sampling error.**Results:**- **Probability Calculation:** The probability is **0.971**. *(Round to three decimal places as needed.)*- **Interpretation of Probability:** 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 **97.1%** chance that the sampling error made in estimating the **mean** tariff rate of all railroad-car shipments of ethanol will be **at most** $80. *(Round to one decimal place as needed.)* The standard deviation of the lengths of hospital stay on the intervention ward is 7.5 days. Complete parts (a) through (c) below.**a.** For the variable "length of hospital stay," determine the sampling distribution of the sample mean for samples of 62 patients.The standard deviation of the sample mean is:\[\sigma_{\bar{x}} = 0.9601 \text{ days.}\](Round to four decimal places as needed.)**b.** The distribution of the length of hospital stay is right skewed. Does this invalidate your result in part (a)? Explain your answer.- Ⓞ A. No, because if $\bar{x}$ is normally distributed, then $x$ must be normally distributed.- Ⓞ B. Yes, because $\bar{x}$ is only normally distributed if $x$ is normally distributed.- Ⓞ C. No, because the sample sizes are sufficiently large that $\bar{x}$ will be approximately normally distributed, regardless of the distribution of $x$.- Ⓓ D. Yes, because the sample sizes are not sufficiently large that $\bar{x}$ will be approximately normally distributed, regardless of the distribution of $x$.**c.** Obtain the probability that the sampling error made in estimating the population mean length of stay by the mean length of stay of a sample of 62 patients will be at most 2 days.The probability is approximately 0.978.(Round to three decimal places as needed.)

Obtain the probability that the mean tariff rate of 550 randomly selected railroad car shipments of ethanol will be within $80 of the mean tariff rate of all railroad-car shipments of ethanol. The probability that the mean tariff rate of 550 randomly selected railroad car shipments of ethanol will be within $80 of the mean tariff rate of all railroad-car shipments of ethanol is obtained below as follows : The probability that the mean tariff rate of 550 randomly selected railroad car shipments of ethanol will be within $80 of the mean tariff rate of all railroad-car shipments of ethanol is 0.940. Interpret the probability in the context of sampling error. The probability is interpreted below as follows: There is about 94.0% chance that the sampling error made in estimating the mean tariff rate of all railroad-car shipments of ethanol will be at most $80.

Math

Statistics

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 $1000, determine the probability that the mean tariff rate of 550 randomly selected railroad-car shipments of ethanol will be within $80 of the mean tariff rate of all railroad-car shipments of ethanol. Interpret your answer in terms of sampling error. The probability is 0.971. (Round to three decimal places as needed.) 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 97.1% chance that the sampling error made in estimating the mean tariff rate of all railroad-car shipments of ethanol will be at most $80. (Round to one decimal place as needed.)

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 $1000, determine the probability that the mean tariff rate of 550 randomly selected railroad-car shipments of ethanol will be within $80 of the mean tariff rate of all railroad-car shipments of ethanol. Interpret your answer in terms of sampling error. The probability is 0.971. (Round to three decimal places as needed.) 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 97.1% chance that the sampling error made in estimating the mean tariff rate of all railroad-car shipments of ethanol will be at most $80. (Round to one decimal place as needed.)

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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