The U.S. Post Office is interested in estimating the mean weight of packages shipped using the overnight service. They plan to sample 300 packages. A pilot sample taken last year showed that the standard deviation in weight was about 0.15 pound.
If they are interested in an estimate that has 95 percent confidence, what margin of error can they expect?A) Approximately 0.017 pound
B) About 0.0003 pound
C) About 1.96
D) Can't be determined without knowing the population mean.
Question 2
A consumer products company is planning to introduce a new product. The method that is least likely to be used to assess the probability of the product being successful is:
A) classical probability assessment.
B) subjective assessment.
C) relative frequency of occurrence.
D) elementary events.
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