A Rechargeable Flashlight Is Advertised to Last Up to 2

question 66

Short Answer

A rechargeable flashlight is advertised to last up to 2 1/2 hours per charge and to recharge overnight.A test was conducted which measured the time a light lasted before needing a recharge.A random sample of 12 lights has a mean recharge time of 2.24 hours and a standard deviation of 1.05 hours.Assuming the population for recharge time is normally distributed,what is the 99% confidence interval estimate for the population mean?
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Definitions:

Excess Capacity

The situation where a firm or economy can produce more goods or services than currently produced, indicating under-utilization of resources.

Marginal Costs

The additional cost incurred by producing one more unit of a product, which can vary as production scales.

Diseconomies of Scale

A situation where an increase in production leads to higher average costs for firms, contrary to economies of scale.

ATC

Average Total Cost, the total cost divided by the quantity of output produced; it's a measure of per-unit production cost.