Do you want to own your own candy store? 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. 95 173 129 95 75 94 116 100 85 a)Use a calculator with mean and sample standard deviation keys to verify that x bar = 106.9 thousand dollars and s =29.4 thousand dollars. b)Find a 90% confidence interval for the population average startup costs μ for candy store franchises. c)interpretation what does the confidence interval mean in the context of this problem?
Do you want to own your own candy store? 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.
95 173 129 95 75 94 116 100 85
a)Use a calculator with mean and sample standard deviation keys to verify that x bar = 106.9 thousand dollars and s =29.4 thousand dollars.
b)Find a 90% confidence interval for the population average startup costs μ for candy store franchises.
c)interpretation what does the confidence interval mean in the context of this problem?
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