A Sample of 14 Joint Specimens of a Particular Type

question 35

Essay

A sample of 14 joint specimens of a particular type gave a sample mean proportional limit stress of 8.50 MPa and a sample standard deviation of .80 MPa.
a. Calculate and interpret a 95% lower confidence bound for the true average proportional limit stress of all such joints. What, if any, assumptions did you make about the distribution of proportional limit stress?
b. Calculate and interpret a 95% lower prediction bound for the proportional limit stress of a single joint of this type.

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Definitions:

Units

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Diminishing Marginal Utility

See Law of Diminishing Marginal Utility.

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Diminishing Marginal Utility

A principle stating that as a consumer consumes more of a good or service, the utility (satisfaction) gained from each additional unit decreases.