Welcome

## Three firms carry inventories that differ in size. Firm A’s inventory contains 2,000 items, firm B’s inventory contains 5,000 items, and firm C’s inventory contains 10,000 items. The population standard deviation for the cost of the items in each firm’s inventory is  σ = 121.  A statistical consultant recommends that each firm take a sample of 50 items from its inventory to provide statistically valid estimates of the average cost per item. Managers of the small firm state that because it has the smallest population, it should be able to make the estimate from a much smaller sample than that required by the larger firms. However, the consultant states that to obtain the same standard error and thus the same precision in the sample results, all firms should use the same sample size regardless of population size. (a) Using the finite population correction factor, compute the standard error for each of the three firms given a sample of size 50. (Round your answers to two decimal places.) (b) What is the probability that for each firm the sample mean  x  will be within ±25 of the population mean μ? (Round your answers to four decimal places.)

Three firms carry inventories that differ in size. Firm A’s inventory contains 2,000 items, firm B’s inventory contains 5,000 items, and firm C’s inventory contains 10,000 items. The population standard deviation for the cost of the items in each firm’s inventory is

σ = 121.

A statistical consultant recommends that each firm take a sample of 50 items from its inventory to provide statistically valid estimates of the average cost per item. Managers of the small firm state that because it has the smallest population, it should be able to make the estimate from a much smaller sample than that required by the larger firms. However, the consultant states that to obtain the same standard error and thus the same precision in the sample results, all firms should use the same sample size regardless of population size.

(a)
Using the finite population correction factor, compute the standard error for each of the three firms given a sample of size 50. (Round your answers to two decimal places.)
(b)
What is the probability that for each firm the sample mean

x

will be within ±25 of the population mean μ? (Round your answers to four decimal places.)

Tired of numerous paper assignments?
Rely on us and receive professional paper writing assistance!

## Who We Are

We are a professional website for customized writing. If you searched a question and stumbled into our website, you are in the right place to receive assistance with your coursework.

## Do you handle any type of coursework?

Yes. We have displayed prior orders to demonstrate our experience. We can answer this question for you as we have previously. Please fill out our Order Form so that we may ensure its flawlessness. Correctly completing the order form will help our staff with reference, requirements, and future communication.

## Is it hard to Place an Order?

1. Click on the “Order Now” tab at the top menu or “GET A FREE QUOTE” icon at the bottom and a new page will appear with an order form to be filled
2. Fill in the initial requirements in the small order form located on the home page and press “continue” button to proceed to the main order form or press “order” button in the header menu. Starting from there let our system intuitively guide you through all steps of ordering process. Submit detailed paper instructions, upload necessary files if needed and provide your contact information – you are almost done!
3. Proceed with the payment- click on “PROCEED TO CHECKOUT” at the bottom of the page. From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it. All your payments are processed securely through PayPal. This enables us to guarantee a 100% security of your funds and process payments swiftly.
4. Delivery- Once finished, your final paper will be available for download through your personal dashboard. You will also receive an email notification with a copy of your paper attached to it.