Fast-food restaurant located in Dubai in half-pound hamburgers, fish sandwiches, and chicken sandwiches. Soft drinks and French fries are also available. The Planning Department of the restaurant reports that the distribution of daily sales for restaurants follows the normal distribution and that the population standard deviation is $3,000. A sample of 40 showed the mean daily sales to be $20,000. (a) What is the population mean? (b) What is the best estimate of the population mean? What is this value called? (c) Develop a 99 % confidence interval for the population mean. (d) Interpret the confidence interval.

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Author:Amos Gilat
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Fast-food restaurant located in Dubai in half-pound hamburgers, fish sandwiches, and
chicken sandwiches. Soft drinks and French fries are also available. The Planning
Department of the restaurant reports that the distribution of daily sales for restaurants follows
the normal distribution and that the population standard deviation is $3,000. A sample of 40
showed the mean daily sales to be $20,000.
(a) What is the population mean?
(b) What is the best estimate of the population mean? What is this value called?
(c) Develop a 99 % confidence interval for the population mean.
(d) Interpret the confidence interval.
Transcribed Image Text:Fast-food restaurant located in Dubai in half-pound hamburgers, fish sandwiches, and chicken sandwiches. Soft drinks and French fries are also available. The Planning Department of the restaurant reports that the distribution of daily sales for restaurants follows the normal distribution and that the population standard deviation is $3,000. A sample of 40 showed the mean daily sales to be $20,000. (a) What is the population mean? (b) What is the best estimate of the population mean? What is this value called? (c) Develop a 99 % confidence interval for the population mean. (d) Interpret the confidence interval.
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