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Name: What is the average difference between the price of name-brand soup an
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Description: What is the average difference between the price of name-brand soup and the price of store-brand soup? To obtain an estimate, an analyst randomly samples eight stores. Each store sells its own brand and a national name brand. The prices of a can of n

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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What is the average difference between the price of name-brand soup and the price of store-brand soup? To obtain an estimate, an analyst randomly samples eight stores. Each store sells its own brand and a national name brand. The prices of a can of name-brand tomato soup and a can of the store-brand tomato soup follow.

Construct a 90% confidence interval to estimate the average difference. Assume that the differences in prices of tomato soup are normally distributed in the population.

Transcribed Image Text:Store Store Name Brand Brand 1 54¢ 49¢ 2 55 53 3 59 52 4 55 51 54 53 6 61 56 7 51 46 8 55 49

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.

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