#16 Franchise: Candy Store Do you want to own your own candy store? With some interest inrunning your own business and a decent credit rating, you can probably get a bank loan onstartup costs for franchises such as Candy Express. Startup costs (in thousands of dollars) for arandom sample of candy stores are given below.95173 129 957594116 10085(a) Use a calculator with mean and sample standard deviation keys to verify thatz 106.9 thousand dollars and s - 29.4 thusand dollars.(b) Find a 90% confidence interval for the population average startup cost µu for candystore franchises.(c) What does the confidence interval mean in the context of this problem?

Answered: Image /qna-images/answer/6b33df8f-cfe3-4e4b-9592-29cd31b90ead.jpg

Answered: #16 Franchise: Candy Store Do you want…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

3. An article in the San Jose Mercury News stated that students in the California state university system take 4.5 years, on average, to finish their undergraduate degrees. Suppose you believe that the mean tỉme is longer. You conduct a survey of 49 students and obtain a sample mean of 5.1 with a sample standard deviation of 1.2. Do the data support your claim at the 1% level?
You want to see if the average grade for nontraditional age students is less than the average grade for traditional age students. You believe both populations are normally distributed, but you do not know the standard deviations for either. You obtain the following two samples of data. Non-Traditional Age Students Traditional Age Students 53.9 87 102.9 99.8 44.1 63.9 72.6 87.5 70.2 100.8 88.7 114.4 46.9 54.7 83.4 101.4 38 108.9 53.1 88 29.5 121.5 117.5 74.3 79.8 105.2 86.8 94.1 88.1 92.7 77.3 93.2 44.1 98.4 74.4 114.4 72.6 75.8 29.5 88 42.4 105.8 48.2 108.9 68.7 92.7 90.8 97.4 85.7 97.4 62.5 135.7 Use a significance level of 0.050.05 to answer the following. What is the test statistic for this sample? (Report answer accurate to three decimal places.)t-test statistic = What is the p-value for this sample? (Report answer accurate to four decimal places.)p-value =
Tips given to taxi drivers form a substantial part of their income. They also serve as a loose metric of service quality that can be useful for taxi companies. An analysis of a large dataset shows that the tips given (as a percentage of taxi fares) are normally distributed with mean 21.3% and standard deviation 7.5%. Furthermore, tips received for different trips are independent from each other. taxi driver expects to do 2000 trips next year. For approximately how many of these trips will he receive a tip over 25%?
(c) Longevity: Honolulu USA Today reported that the state with the longest mean life span is Hawaii, where the population mean life span is 77 years. A random sample of 20 obituary notices in the Honolulu Advertizer gave the following information about life span (in years) of Honolulu residents: 68 69 72 81 93 56 19 78 94 83 84 85 97 75 71 86 47 66 27 i. Compute the mean and standard deviation. Round off the mean to one decimal place and two decimal places for the standard deviation. Assuming that the life span in Honolulu is approximately normally distributed, does this information indicate that the population mean life span for Honolulu residents is less than 77 years? Use 5% level of significance. ii.
An article in the San Jose Mercury News stated that students in the California state universitysystem take 4.25 years, on average, to finish their undergraduate degrees. Suppose you believe that the mean time is longer. You conduct a survey of 64 students and obtain a sample mean of 4.5 with a sample standard deviation of 1.5. Do the data support your claim at the 1% level?
Consider the following sample data. Sample A: 5, 8, 11 Sample B: 64, 67, 70 Sample C: 1,015; 1,018; 1,021 (a) Find the mean and standard deviation for each sample. (b) What does this exercise show about the standard deviation? multiple choice The idea is to illustrate that the standard deviation is not a function of the value of the mean. The idea is to illustrate that the standard deviation is a function of the value of the mean.
The ages of undergraduate students at two universities (one in the east and one in the west) are being compared. Researchers want to know if there is a difference in the mean age of students at the two universities. The population standard deviations are known. The following data shows the results of samples collected at each institution: School Location n (sample size) sample mean ( ) population standard deviation West 33 25.78 6.29 East 35 23.16 7.52 What is the value of the test statistic for the previous problem? (Enter your answer as a positive value even if you calculated a negative test statistic value i.e. if you calculated -1.311 you should enter 1.311). Round your answer to 3 decimal places.
Which of the following are measures of central tendency? Four answers correct. 1. Arithmetic mean 2. The second quartile 3. Variance 4. Median 5. Interquartile range 6. Standard deviation 7. Range 8. Mode 9. Coefficient of variation
Consider the following sample data. Sample A: 11, 22, 33 Sample B: 81, 92, 103 Sample C: 1,100; 1,111; 1,122 (a) Find the mean and standard deviation for each sample. Sample A: Sample B: Sample C: Mean Sample Standard Deviation (b) What does this exercise show about the standard deviation? multiple choice The idea is to illustrate that the standard deviation is not a function of the value of the mean. The idea is to illustrate that the standard deviation is a function of the value of the mean.

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS