Detailed explanation In order to update its export policy, a Colombian company needs new information on the US sales of its suntan and sun protection lotions, products made with ingredients that issue from organic farming. The marketing manager disposes of a sample of 45 values collected over the past 30 months. The sample’s mean is $58,249. The statistics of the past 20 years show a standard deviation of $3,851. a. Using this sample, determine a 95% and a 90% confidence interval for the mean US sales.What is the required sample size, if you want the error in your estimate to be at most $900, with a level of confidence of 95%? 3. In order to update its export policy, a Colombian company needs new information on the US sales ofits suntan and sun protection lotions, products made with ingredients that issue from organic farming.The marketing manager disposes of a sample of 45 values collected over the past 30 months. Thesample's mean is $58,249. The statistics of the past 20 years show a standard deviation of $3,851. a.Using this sample, determine a 95% and a 90% confidence interval for the mean US sales.b. What is the required sample size, if you want the error in your estimate to be at most $900, with alevel of confidence of 95%?

Name: Detailed explanation In order to update its export policy, a Colombian
Uploaded: 2024-03-20T07:07:12.000Z
Channel: Bartleby
Description: Detailed explanation In order to update its export policy, a Colombian company needs new information on the US sales of its suntan and sun protection lotions, products made with ingredients that issue from organic farming. The marketing manager dispo

Critical value: Here, the population standard deviation is known. Hence, it is appropriate to use…

Answered: In order to update its export policy, a…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Topic Video

Question

Detailed explanation

In order to update its export policy, a Colombian company needs new information on the US sales of its suntan and sun protection lotions, products made with ingredients that issue from organic farming. The marketing manager disposes of a sample of 45 values collected over the past 30 months. The sample’s mean is $58,249. The statistics of the past 20 years show a standard deviation of $3,851. a. Using this sample, determine a 95% and a 90% confidence interval for the mean US sales.
What is the required sample size, if you want the error in your estimate to be at most $900, with a level of confidence of 95%?

3. In order to update its export policy, a Colombian company needs new information on the US sales of
its suntan and sun protection lotions, products made with ingredients that issue from organic farming.
The marketing manager disposes of a sample of 45 values collected over the past 30 months. The
sample's mean is $58,249. The statistics of the past 20 years show a standard deviation of $3,851. a.
Using this sample, determine a 95% and a 90% confidence interval for the mean US sales.
b. What is the required sample size, if you want the error in your estimate to be at most $900, with a
level of confidence of 95%?

Expert Solution

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Hypothesis Tests and Confidence Intervals for Means$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions