A sample of 16 eggs yields a sample mean weight of 3.00 ounces and a sample standard deviation = 0.360 ounces, find the margin of error in estimating a confidence interval estimate at the 90% level of confidence. Round your answer to three decimal places. You may assume that egg weights are normally distribute.

Step-by-step explanation:

Previous concepts

A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".

The margin of error is the range of values below and above the sample statistic in a confidence interval.

Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".

represent the sample mean for the sample  

population mean (variable of interest)

s=0.360 represent the sample standard deviation

Solution to the problem

The confidence interval for the mean is given by the following formula:

  (1)

In order to calculate the critical value we need to find first the degrees of freedom, given by:

Since the Confidence is 0.90 or 90%, the value of and , and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-T.INV(0.05,15)".And we see that

The margin of error is given by:

Now we have everything in order to replace into formula (1):

So on this case the 90% confidence interval would be given by (2.842;3.158)    

you would have to sell 24 bracelets.

step-by-step explanation:

84/3.5 = 24