Question

Do you want to own your own candy store? Wow! 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. Assume that the population of x values has an approximately normal distribution. and sample standard deviation s. 92 177 129 93 75 94 116 100 85 (a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup cost (Round your answers to one decimal place.) x= thousand dollars s= thousand dollars (b) Find a 90% confidence interval for the population average startup costs u for candy store franchises. (Round your answers to one decimal place.) lower limit thousand dollars upper limit thousand dollars

Answer 1

Answer:-

Given that:-

Do you want to own your own candy store? Wow! 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. Assume that the population of x values has an approximately normal distribution.

100 171 128 96 75 94 116 100 85

(a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup cost x and sample standard deviation s.?

1	100
2	171
3	128
4	96
5	75
6	94
7	116
8	100
9	85
mean=	107.222
std .dev=	28.534

mean=   107.222
std. dev=   28.534
mean=107.2

std. dev=28.5

(b) Find a 90% confidence interval for the population average startup costs μ for candy store franchises. ?

b)df=9-1=8

critical t value=tinv(0.1,8)=1.860

90% confidenec interval for population mean

=107.2+/-1.860*28.534/sqrt(9)

=107.2+/-17.7

=(89.5, 124.9)