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Do you want to own your own candy store? Wow! With some interest in running your...

Question

Do you want to own your own candy store? Wow! With some interest in running your...

Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you

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

Answers

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)


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