Answered: A owner of restaurant is considering…

Name: A owner of restaurant is considering opening a new branch in Florida a
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Description: A owner of restaurant is considering opening a new branch in Florida and consulted you if she should open or not. It is known that this kind of luxury restaurant will be successful if the average monthly houshold income of the region is above 20.000$

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A owner of restaurant is considering opening a new branch in Florida and consulted you if she should open or not. It is known that this kind of luxury restaurant will be successful if the average monthly houshold income of the region is above 20.000$. a random sample of 100 households was obtained and their mean monthly income was 19.000$. Assume the average household income is normally distributed with the population standard deviation of 2.000$.

a) By using collected data, you know calculated the sample standard deviation of household income as 2.500$. Calculate %95 confidence interval for population standard deviation and discuss the result by comparing it with the empirical value of population variance.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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