Parking Hoping to lure more shoppers downtown, a citybuilds a new public parking garage in the central businessdistrict. The city plans to pay for the structure throughparking fees. During a two-month period (44 weekdays),daily fees collected averaged $126, with a standarddeviation of $15.a) What assumptions must you make in order to use thesestatistics for inference?b) Write a 90% confidence interval for the mean dailyincome this parking garage will generate.c) Interpret this confidence interval in context.d) Explain what “90% confidence” means in thiscontext.e) The consultant who advised the city on this projectpredicted that parking revenues would average $130per day. Based on your confidence interval, do youthink the consultant was correct? Why?
Parking Hoping to lure more shoppers downtown, a city
builds a new public parking garage in the central business
district. The city plans to pay for the structure through
parking fees. During a two-month period (44 weekdays),
daily fees collected averaged $126, with a standard
deviation of $15.
a) What assumptions must you make in order to use these
statistics for inference?
b) Write a 90% confidence interval for the
income this parking garage will generate.
c) Interpret this confidence interval in context.
d) Explain what “90% confidence” means in this
context.
e) The consultant who advised the city on this project
predicted that parking revenues would average $130
per day. Based on your confidence interval, do you
think the consultant was correct? Why?
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