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Author Question: The cost of overestimating demand is usually harder to determine than the cost of underestimating ... (Read 150 times)

theo

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on: Jun 24, 2018
The cost of overestimating demand is usually harder to determine than the cost of underestimating demand.
  Indicate whether the statement is true or false

Question 2

A manufacturer of microwave ovens wants to know what percentage of all of their microwave ovens are defective. When 450 of their microwave ovens are selected at random and examined, 0.4 are found to be defective.
 a. Describe the population of interest.
  b. Describe the sample.
  c. Describe/find the parameter.
  d. Describe/find the statistic.
  e. Is the 0.4 a parameter or a statistic in this scenario? Why?


macagn

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Reply #1 on: Jun 24, 2018
Answer to Question 1

F

Answer to Question 2

a. All microwave ovens made by this manufacturer.
b. The 450 microwave ovens selected at random.
c. The proportion of all microwave ovens made by this manufacturer that are defective.
d. The proportion of the microwave ovens from the random sample that are defective: 0.4.
e. The 0.4 represents the statistic, since it describes the sample.


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theo

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Reply #2 on: Jun 24, 2018
Thank you :)


macagn

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Reply #3 on: Jun 24, 2018
Happy to help you


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