A baker randomly samples 73 chocolate chip cookies similar to her own recipe and finds that the average selling price is Php 34.25 for each cookie with a variance of Php 4.33. If the baker estimates that the average selling price for all similar chocolate chip cookies in the city is Php 34.25 per piece, what is the margin of error for his/her estimation?

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
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Chapter1: Starting With Matlab
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A baker randomly samples 73 chocolate chip cookies
similar to her own recipe and finds that the average
selling price is Php 34.25 for each cookie with a
variance of Php 4.33. If the baker estimates that the
average selling price for all similar chocolate chip
cookies in the city is Php 34.25 per piece, what is the
margin of error for his/her estimation?
Transcribed Image Text:A baker randomly samples 73 chocolate chip cookies similar to her own recipe and finds that the average selling price is Php 34.25 for each cookie with a variance of Php 4.33. If the baker estimates that the average selling price for all similar chocolate chip cookies in the city is Php 34.25 per piece, what is the margin of error for his/her estimation?
Expert Solution
Step 1

Given that:

Sample size, n=73

Sample mean, x¯=34.25

Sample variance, s2=4.33

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