Information Regarding the Price of a Roll of Camera Film

question 26

Short Answer

Information regarding the price of a roll of camera film 35 mm, 24 exposure) for a sample of 12 cities worldwide is shown below. Determine a 95% confidence interval for the population mean.
Price of Film Information
$\begin{array}{ll}\text { Mean } & 5.3667 \\\text { Standard Error } & 0.7409 \\\text { Median } & 4.8700 \\\text { Standard Deviation } & 2.5666 \\\text { Sample Variance } & 6.5873 \\\text { Kurtosis } & 4.0201\\\text { Skewness } & 1.8041 \\\text { Range } & 9.4100 \\\text { Minimum } & 2.7300 \\\text { Maximum } & 12.1400 \\\text { Sum } & 64.4000 \\\text { Count } & 12 .0000\end{array}$

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Definitions:

Variable Costing

A costing method that includes only variable costs—costs that change with production levels—in the calculation of unit costs.

Product Cost

The total expense involved in creating a product, including materials, labor, and overhead costs.

Production Cost

The total expense incurred in manufacturing a product, including raw materials, labor, and overhead costs.

Fixed Overhead

Regular, unchanging expenses incurred by a company, such as rent, salaries, and insurance, that do not vary with production volume.