Harold Nelson recently changed the price of a cup of latte. He would like to understand the latte sales better after the price change. Firstly, he decided to find out the confidence interval for daily latte sales after the price change. Using a t-distribution, calculate the 95% confidence interval for the true mean of daily latte sales using the data sample collected in Table 2. Table 2. Latte sales per day Date Latte sales (in cups) Day 1 106 Day 2 119 Day 3 110 Day 4 130 Day 5 122 Day 6 105 Day 7 Day & 102 Day 111 What is the lower limit of this 95% confidence interval? Round to the nearest integer

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Question

8

Harold Nelson recently changed the price of a cup of latte. He would like to understand the latte sales better
after the price change. Firstly, he decided to find out the confidence interval for daily latte sales after the price
change. Using a t-distribution, calculate the 95% confidence interval for the true mean of daily latte sales using
the data sample collected in Table 2.
Table 2. Latte sales per day
pate Latte sales (in cups)
Day 1
106
Day 2 119
Day 3 110
Day 4
130
Day 5 122
Day 6
105
Day 7 be
Day & 102
Day 111
What is the lower limit of this 95% confidence interval?
Round to the nearest integer.
Transcribed Image Text:Harold Nelson recently changed the price of a cup of latte. He would like to understand the latte sales better after the price change. Firstly, he decided to find out the confidence interval for daily latte sales after the price change. Using a t-distribution, calculate the 95% confidence interval for the true mean of daily latte sales using the data sample collected in Table 2. Table 2. Latte sales per day pate Latte sales (in cups) Day 1 106 Day 2 119 Day 3 110 Day 4 130 Day 5 122 Day 6 105 Day 7 be Day & 102 Day 111 What is the lower limit of this 95% confidence interval? Round to the nearest integer.
What is the upper limit of this 95% confidence interval?
Round to the nearest integer.
Transcribed Image Text:What is the upper limit of this 95% confidence interval? Round to the nearest integer.
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman