Answered: The Bun-and-Run is a franchise…

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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Question

The Bun-and-Run is a franchise fast-food restaurant located in the Northeast specializing in half-pound hamburgers, fish sandwiches, and chicken sandwiches. Soft drinks and French fries are also available. The Planning Department of the Bun-and-Run reports that the distribution of daily sales for restaurants follows a normal distribution and that the population standard deviation is $3,000. A sample of 40 showed the mean daily sales to be $20,000.

What is the best estimate of the population mean?
Develop a 95% confidence interval for the population mean.
Interpret the confidence interval

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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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