Suppose that the manager of a paint supply store wanted to, Ask an Expert

Economics

Suppose that the manager of a paint supply store wanted to estimate the correct amount of paint contained in one-gallon cans purchased from a nationally known manufacturer. It is known from the manufacturer’s specifications that the standard deviation of the amount of paint is equal to 0.02 gallon. A random sample of 50 cans is selected, and the average amount of paint per one-gallon can is 0.995 gallon. Set up a 99% confidence interval estimate of the true population average amount of paint included in a one-gallon can. Based on your results, do you think that the store owner has a right to complain to the manufacturer?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91365916

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