Do you want to own your own candy store? Wow! 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. Assume that the population of x values has an approximately normal distribution.9617113496759411610085 (a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup cost x and sample standard deviation s. (Round your answers to four decimal places.)x = thousand dollarss = thousand dollars(b) Find a 90% confidence interval for the population average startup costs μ for candy store franchises. (Round your answers to one decimal place.)lower limit thousand dollarsupper limit thousand dollars

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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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Do you want to own your own candy store? Wow! 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. Assume that the population of x values has an approximately normal distribution.

171

134

116

100

(a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup cost x and sample standard deviation s. (Round your answers to four decimal places.)

x =	thousand dollars
s =	thousand dollars

(b) Find a 90% confidence interval for the population average startup costs μ for candy store franchises. (Round your answers to one decimal place.)

lower limit	thousand dollars
upper limit	thousand dollars

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.

Expert Solution

Step 1-Introduction

Hello, thanks for posting your question here.

I am not sure what kind of a calculator you have and which type is asked to use here. So I am solving this problem using MS-Excel. Hope it will help you.

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A random sample of candy stores is given below.

96
171
134
96
75
94
116
100
85

Step 2-(a)

It is asked to find the sample mean and sample standard deviation.

$\begin{array}{rcl} Sample mean (\bar{x}) & = & 107.4444 [using the MS - Excel function : AVERAGE ()] \\ Sample standard deviation (s) & = & 29.3092 [using the MS - Excel function : STDEV . S ()] \end{array}$

Note: Inside the parenthesis, you need to select the location of the given data in the Excel sheet.

Thus the answers are as follows.

$\begin{array}{rcl} \bar{x} & = & 107.4444 thousand dollars \\ s & = & 29.3092 thousand dollars \end{array}$

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