GNI/p is the measure that is used to determine how rich people are in a country on a per capita basis.Companies when selecting countries to do business uses this indicator to get a feel for market size. For all the 54 countries in the African Continent if the GNI/p based on most recently available data is $18,500 with a variance of $36000000, answer the following questions. Show work else credit will be denied.
A random sample of 18 countries is selected from the African Continent.What is the probability that the average GNI/p for these countries is more than $20,000?
For this random sample of 18 countries, what is the probability that the average GNI/p will be less than $16,500?
Ruritania (a hypothetical country in the African Continent) was also included in this sample.What is the probability that for Ruritania, the GNI/p will be more than $55,000? (even if there is no country called Ruritania, assume there is one and it is in the African Continent)
- A manufacturer of a ten-speed racing bicycles is concerned about the average weight of the bicycles they manufacture.A random sample of 7 bicycles from the production line is selected and the data is provided below
12.4, 10.4, 12.1, 9.7, 10.8, 9.8, 11.6
Construct a 90% confidence interval and interpret it. Please show work else credit will be denied.