You should clearly label each part of the problems with (a), (b), etc., and ever
ID: 3237484 • Letter: Y
Question
You should clearly label each part of the problems with (a), (b), etc., and every computation should be labeled. For example, in the cell next to the mean of the data, you should have typed the word mean or average. Be sure to do your computations using Excel. Do not do computations using Tables A or C or on a calculator and then type the answers into Excel. I WANT THE ANSWER TO BE IN EXCEL FORMAT. (WHAT FORMULAS AND WHAT NUMBERS).
1. (6 points) How much oil wells in a given field will ultimately produce is key information in deciding whether to drill more wells. Data was collected estimating the total amount of oil recovered (in thousands of barrels) from 64 wells in the Devonian Richmond Dolomite area of the Michigan Basin. The data is in the accompanying file. Give a 95% confidence interval for the mean amount of oil recovered from all wells in this area.
Oil 21.7 53.2 46.4 42.7 50.4 97.7 103.1 51.9 43.4 69.5 156.5 34.6 37.9 12.9 2.5 31.4 79.5 26.9 18.5 14.7 32.9 196 24.9 118.2 82.2 35.1 47.6 54.2 63.1 69.8 57.4 65.6 56.4 49.4 44.9 34.6 92.2 37 58.8 21.3 36.6 64.9 14.8 17.6 29.1 61.4 38.6 32.5 12 28.3 204.9 44.5 10.3 37.7 33.7 81.1 12.1 20.1 30.5 7.1 10.1 18 3 2Explanation / Answer
Excel Formulas Used:
The data is present from cell A2 to A65.
0.05 Significance Level =AVERAGE(A2:A65) Mean =STDEV.S(A2:A65) Standard Deviation 64 Sample Size =CONFIDENCE.T(C1, C3, C4) Margin of Error =C2-C5 Lower Bound =C2+C5 Upper BoundRelated Questions
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