Operations And Supply Chain Management Assignment Help – Derivatives-A random sample

Question – A random sample of 49 lunch customers was taken at a restaurant. The average amount of time the
customers in the sample stayed in the restaurant was 45 minutes with a standard deviation of 14
minutes.
a. Compute the standard error of the mean.
b. With a .95 probability, what statement can be made about the size of the margin of error?
c. Construct a 95% confidence interval for the true average amount of time customers spent in the
restaurant.
d. With a .95 probability, how large of a sample would have to be taken to provide a margin of error
of 2.5 minutes or less?

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