Materials Management, Ltd., is a small firm offering precious metal recycling services to industrial firms in the Sacramento, California area. The company takes in waste metal and chemical byproducts from industrial manufactures, removes any gold, and then disposes of remaining waste matter. To determine how much it should offer a new customer for their waste materials, Materials Management must accurately project the amount of gold to be obtained, on average, based on its study of the percentage of gold contained in a random sample of five batches of waste chemicals. The percentage of gold content obtained from each batch is: 1.00% 1.10% 1.05% 1.00% 1.10%
A. Calculate the mean, median and mode measures of central tendency for the percentage of gold content. Which measure does the best job of describing central tendency for this variable?
B. Calculate the sample range, variance and standard deviation for this data series, and the 99% confidence interval within which you would expect to find the population's true mean