In order to estimate the difference between the average Miles per Gallon of two different models of automobiles, samples are taken and the following information is collected.
a.At 95% confidence develop an interval estimate for the difference between the average Miles per Gallon for the two models.
b.Is there conclusive evidence to indicate that one model gets a higher MPG than the other? Why or why not? Explain.
Definitions:
Marginal Cost
The additional financial cost due to the creation of an extra product or service unit.
Average Total Cost
The average total cost is the total cost of production divided by the quantity of output produced.
Marginal Cost Curve
A visual diagram that illustrates the variation in the cost to produce an additional unit of a product as the quantity produced changes.
Average Total Cost Curve
A curve that shows the average cost per unit of output at different levels of production; it typically has a U-shape.
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