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Use the Two-Standard-Deviations F-Interval Procedure to Find the Required Confidence 2.382.38

question 63

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Use the two-standard-deviations F-interval procedure to find the required confidence interval. Assume that independentsamples have been randomly selected from the two populations and that the variable under consideration is normallydistributed on both populations.
-When 16 randomly selected customers enter a single main waiting line at a bank, their waiting times have a standard deviation of 2.382.38 minutes. When 25 randomly selected customers enter any one of several waiting lines, their waiting times have a standard deviation of 5.355.35 minutes. Construct a 98%98 \% confidence interval for the ratio, σ1/σ2\sigma _ { 1 } / \sigma _ { 2 } , where σ1\sigma _ { 1 } is the population standard deviation of the waiting times when a single line is used and σ2\sigma _ { 2 } is the population standard deviation of the waiting times when several lines are used.


Definitions:

Quantity X

An undefined variable representing a certain amount or level of production, product, or other measurable factors.

Violating

The act of breaking rules or norms, or failing to comply with legal or moral standards.

Shadow Price

A monetary value assigned to currently unused resources, indicating the potential benefit if the resource were fully utilized.

Sensitivity Analysis

A method used to determine how different values of an independent variable affect a particular dependent variable under a given set of assumptions.

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