Use the Given Information to Find the Minimum Sample Size

question 132

Multiple Choice

Use the given information to find the minimum sample size required to estimate an unknown population mean µ.
-How many commuters must be randomly selected to estimate the mean driving time of Chicago commuters? We want 99% confidence that the sample mean is within 4 minutes of the population mean, and the population standard deviation is known to be 6 minutes.

• A) 7
• B) 9
• C) 13
• D) 15

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Definitions:

Manufacturing Overhead Cost

All indirect costs related to the manufacturing process, such as utilities, maintenance, and factory supervision.

Produced

Refers to the quantity of goods that have been manufactured or completed during a specific time period.

Units

A measure of quantity, often used in inventory management, production, and accounting, to quantify items or services.

Variable Cost

Rephrased: Expenses that vary with production output or business activity levels.