sample st. dev Point estimate = Margin of the Error = Show the Formula that you use to calculate it. Lower Conf. Bound = Show the Formula that you use to calculate it. Upper Conf. Bound = Show the Formula that you use to calculate it. Please work out from Excel functions
Some fast-food chains offer a lower-priced combination meal in an effort to attract budget-conscious customers. One chain test-marketed a burger, fries, and drink combination for $1.71. The weekly sales volume for these meals was impressive. Suppose the chain wants to estimate the average amount its customers spent on a meal at their restaurant while this combination offer was in effect. An analyst gathers data from 28 randomly selected customers. The following data represent the sample meal totals.
Use these data to construct a 90% confidence
| $3.21 | $5.40 | $3.50 | $4.39 | $5.60 | $8.65 | $5.02 | $4.20 | $1.25 | $7.64 |
| 3.28 | 3.57 | 3.26 | 3.8 | 5.46 | 9.87 | 4.67 | 5.86 | 3.73 | 4.08 |
| 5.47 | 4.49 | 5.19 | 5.82 | 7.62 | 4.83 | 8.42 | 9.1 |
| sample st. dev |
| Point estimate = | ||||||||||
| Margin of the Error = | Show the Formula that you use to calculate it. | |||||||||
| Lower Conf. Bound = | Show the Formula that you use to calculate it. | |||||||||
| Upper Conf. Bound = | Show the Formula that you use to calculate it. |
Please work out from Excel
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