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State What the Given Confidence Interval Suggests About the Two

question 25

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State what the given confidence interval suggests about the two population means.
-A paint manufacturer made a modification to a paint to speed up its drying time. Independent simple random samples of 11 cans of type A (the original paint) and 9 cans of type B (the modified paint) were selected and applied to similar surfaces. The drying times, in hours, were recorded. The summary statistics are as follows.
 Type A Type Bx1=77.1 hrs x2=63.5hrss1=4.5hrss2=5.1hrsn1=11n2=9\begin{array}{l|r}\text { Type } \mathrm{A} & \text { Type } \mathrm{B} \\\hline \mathrm{x}_{1}=77.1 \text { hrs } & \overline{\mathrm{x}}_{2}=63.5 \mathrm{hrs} \\\mathrm{s}_{1}=4.5 \mathrm{hrs} & \mathrm{s}_{2}=5.1 \mathrm{hrs} \\\mathrm{n}_{1}=11 & \mathrm{n}_{2}=9\end{array}
The following 98%98 \% confidence interval was obtained for μ1μ2\mu _ { 1 } - \mu _ { 2 } , the difference between the mean drying time for paint cans of type AA and the mean drying time for paint cans of type B: 7.307.30 hrs <μ1μ2<19.90hrs< \mu _ { 1 } - \mu _ { 2 } < 19.90 \mathrm { hrs } What does the confidence interval suggest about the population means?


Definitions:

Consumers

Individuals or entities that use or consume goods and services produced within an economy.

Endowments

The resources or assets that are provided to individuals or institutions which can generate income or have intrinsic value.

Competitive Pure Exchange Economy

An economic model where agents trade existing goods without the production of new goods, under perfect competition.

Initial Endowment

Refers to the initial allocation of goods, resources, or wealth that an individual or entity possesses before engaging in any transactions.

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