Confidence interval for the average drug price, Basic Statistics

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Confidence interval for the average drug price

The recommended retail price of a new cancer drug is $150 per dose. The drug price in a random sample of 16 retailers is on average $141. Standard deviation $4. If this is a random sample and the prices are normally distrubuted, construct a 95% confidence interval for the average drug price.

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Basic Statistics: Confidence interval for the average drug price

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Basic Statistics: Confidence interval for the average drug price

Reference No:- TGS0719843

Have a Question? (oR Write a Review)

Recent Questions Asked Basic Statistics

Q : Find radius of curvature-vertical deflection at end of beam

Q : Find the electric field at the position of the electron

Q : Represents population according to standard view

Q : Determine magnitude and direction of heat transfer rate

Q : Confidence interval for the average drug price

Q : Determine the force required to hold the vane stationary

Q : Discuss how much cash was provided by operating activities

Q : Standard deviation of the sampling distribution

Q : Calculate earnings per share for the year

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Request for Solution File

Ask an Expert for Answer!!

Basic Statistics: Confidence interval for the average drug price

Reference No:- TGS0719843

Recent Questions Asked Basic Statistics

Q : Find radius of curvature-vertical deflection at end of beam

Q : Find the electric field at the position of the electron

Q : Represents population according to standard view

Q : Determine magnitude and direction of heat transfer rate

Q : Confidence interval for the average drug price

Q : Determine the force required to hold the vane stationary

Q : Discuss how much cash was provided by operating activities

Q : Standard deviation of the sampling distribution

Q : Calculate earnings per share for the year

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