A publishing company has just published a new college textbook. Before the company decides the price at which to sell this textbook, it wants to know the average price of all such textbooks in the market. The research department at the company took a sample of 45 comparable textbooks and collected information on their prices. This information produces a mean price of $140 for this sample. It is known that the standard deviation of the prices of all such textbooks is $28 and the population of such prices is normal. What is the point estimate of the mean price of all such textbooks? Construct a 90% confidence interval for the mean price of all such college textbooks.
A publishing company has just published a new college textbook. Before the company decides the price at which to sell this textbook, it wants to know the average price of all such textbooks in the market. The research department at the company took a sample of 45 comparable textbooks and collected information on their prices. This information produces a mean price of $140 for this sample. It is known that the standard deviation of the prices of all such textbooks is $28 and the population of such prices is normal. What is the point estimate of the mean price of all such textbooks? Construct a 90% confidence interval for the mean price of all such college textbooks.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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A publishing company has just published a new college textbook. Before the company decides
the price at which to sell this textbook, it wants to know the average price of all such textbooks in
the market. The research department at the company took a sample of 45 comparable textbooks
and collected information on their prices. This information produces a mean price of $140 for
this sample. It is known that the standard deviation of the prices of all such textbooks is $28 and
the population of such prices is normal. What is the point estimate of the mean price of all such
textbooks? Construct a 90% confidence interval for the mean price of all such college textbooks.
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