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Understanding Basic Statistics 6th Edition by Charles Henry Brase,Corrinne Pellillo Brase
Edition 6ISBN: 978-1111827021Understanding Basic Statistics 6th Edition by Charles Henry Brase,Corrinne Pellillo Brase
Edition 6ISBN: 978-1111827021 Exercise 33
In Problems 13-19, assume that the population of x values has an approximately normal distribution.
Franchise: Candy Store Do you want to own your own candy store With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below (Source: Entrepreneur Magazine , Vol. 23, No. 10).
95 173 129 95 75 94 116 100 85
(a) Use a calculator with mean and sample stand deviation keys to verify that
106.9 thousand dollars and s 29.4 thousand dollars.
(b) Find a 90% confidence interval for the population average startup costs for candy store franchises.
(c) Interpretation What does the confidence interval mean in the context of this problem
Franchise: Candy Store Do you want to own your own candy store With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below (Source: Entrepreneur Magazine , Vol. 23, No. 10).
95 173 129 95 75 94 116 100 85
(a) Use a calculator with mean and sample stand deviation keys to verify that
106.9 thousand dollars and s 29.4 thousand dollars.(b) Find a 90% confidence interval for the population average startup costs for candy store franchises.
(c) Interpretation What does the confidence interval mean in the context of this problem
Explanation
Verified
Verified
For the given data the sample mean is
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Understanding Basic Statistics 6th Edition by Charles Henry Brase,Corrinne Pellillo Brase
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