Answered: They also find that the sample standard…

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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Question

An enterprising New Product Development class has an idea to sell on campus custom-flavored, enriched bottles of water from dispensers which would add customers’ desired vitamins and natural flavors to each bottle. To assess profit potential, they need an estimate of demand for bottled water on campus. If demand exceeds the breakeven level of seven bottles per week per customer, the business would generate profit. The entrepreneurial class needs to know whether or not demand exceeds seven bottles per consumer per week, because below this level of demand, revenues wouldn’t cover expenses. Unless sample data indicates sufficient demand, the class will stop development. Since the class of entrepreneurs doesn’t know that the population mean is, they will estimate this mean using their sample data. They take a random sample of thirty students on campus and find that on average a student consumes 9.9 bottles per week. They also find that the sample standard deviation is 4.1 bottles per week. One of them knows that you are currently taking BUAD 310 and asks for your help estimating the actual average demand. You have decided to construct a 95% confidence interval to estimate the true population demand among the students on campus. What is the t* value you are going to use for it? Round your answer to 2 decimals.

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