**Estimation of the Asking Price of Used Entry-Level Road Bikes****Problem Statement:**Sandy, an analyst in the bicycling industry, aims to estimate the asking price of used entry-level road bikes advertised online in the southeastern part of the United States. She collects a random sample of $ n = 10 $ online advertisements for entry-level road bikes. From this sample, Sandy determines that the mean price is $ \$659.87 $ and the sample standard deviation is $ s = \$197.02 $. Sandy utilizes this data to construct a 95% confidence interval for $ \mu $, the mean price of a used road bike.**Question:**What is the upper limit of this confidence interval? Please provide your answer to the nearest cent.**Solution Framework:**To find the confidence interval, Sandy will use the formula for the confidence interval for the mean:\[ \text{CI} = \bar{x} \pm t_{\alpha/2} \left( \frac{s}{\sqrt{n}} \right) \]Where:- $ \bar{x} $ is the sample mean.- $ t_{\alpha/2} $ is the t-value for the 95% confidence level with $ n-1 $ degrees of freedom.- $ s $ is the sample standard deviation.- $ n $ is the sample size.Given the sample size of 10, Sandy will use the t-distribution to find the critical value $ t_{\alpha/2} $. Since the sample size is small (n < 30), using the t-distribution is appropriate for better accuracy compared to the z-distribution.After calculating the values, the upper limit of the confidence interval will give us the higher end of the estimated range for the mean price of these used bikes.**Graph/Diagram Explanation:**There are no graphs or diagrams associated with this text. All necessary calculations can be carried out using statistical tables or computational tools to find the required t-value for constructing the confidence interval.

Sample size (n) = 10Sample mean (x̅) = 659.87Standard deviations (s) = 197.02Confidence level (c) =…

Answered: Suppose that Sandy is an analyst for…

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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b and c please.
in a survey, 27 people were asked how much they spent on their child's last birthday gift. the results were roughly bell-shaped with a mean of $30 and sample standard deviation of $20. construct a confidence interval at a 95% confidence level.
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