15 cards are selected out of a 52 card deck such that after each card is selected, it is placed back into the deck and the deck
1 answer:
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Answer:
No lower than $208, and no higher than $956.8
Step-by-step explanation:
Notice that the revenue (income) function is represented by a quadratic expression (a parabola with branches pointing down), and the cost function is linear with negative slope.
When we plot them, we obtain the graphs shown in the attached image. Notice as well that there are two points of intersection for these two functions. The revenue exceeds (lays above) the cost in between the two points of intersection (marked in red and green).
For the company to make a profit, the revenue has to be larger than the cost, so we study the limiting values for that to happen, which is the points of intersection of these two curves.
The first one (pictured in red) is associated with coordinates (35, 33488) which tells us that is the production of 35 chairs with a revenue of $33,488. That is a cost per chair of $33,488 / 35 = $956.8
The second intersection (pictured in green) is associated with coordinates (125, 26000), which tells us that is the production of 125 chairs with a revenue of $26,000. That is a cost per chair of $26000 / 125 = $ 208
So these values give us the minimum and maximum that the company can charge to make a profit.
Answer:
a) represent the real population proportion of people who showed partial or complete resistance to the antibiotic
b) represent the estimated proportion of people who showed partial or complete resistance to the antibiotic
c) We are confident (95%) that the true proportion of individuals in Florida diagnosed with a strep infection was tested for resistance to the antibiotic penicillin present partial or complete resistance to the antibiotic is between 54.5% to 59.1%.
Step-by-step explanation:
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
Part a
Description in words of the parameter p
represent the real population proportion of people who showed partial or complete resistance to the antibiotic
represent the estimated proportion of people who showed partial or complete resistance to the antibiotic
n=1714 is the sample size required
represent the critical value for the margin of error
The population proportion have the following distribution
Part b
Numerical estimate for p
In order to estimate a proportion we use this formula:
where X represent the number of people with a characteristic and n the total sample size selected.
represent the estimated proportion of people who showed partial or complete resistance to the antibiotic
Part c
The confidence interval for a proportion is given by this formula
For the 95% confidence interval the value of and
, with that value we can find the quantile required for the interval in the normal standard distribution.
And replacing into the confidence interval formula we got:
And the 95% confidence interval would be given (0.545;0.591).
We are confident that about 54.5% to 59.1% of individuals in Florida diagnosed with a strep infection was tested for resistance to the antibiotic penicillin present partial or complete resistance to the antibiotic.