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Use these data to construct a 90% confidence interval to estimate the population mean value. Assume the amounts spent are normally distributed.

Use these data to construct a 90% confidence interval to estimate the population mean value. Assume the amounts spent are normally distributed.

MATLAB: An Introduction with Applications
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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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 $4.71. 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. $6.21 $8.40 $6.50 $7.39 $8.60 $11.65 $8.02 $7.20 $4.25 $10.64 6.28 6.57 6.26 6.80 8.46 12.87 7.67 8.86 6.73 7.08 8.47 7.49 8.19 8.82 10.62 7.83 11.42 12.10 Use these data to construct a 90% confidence interval to estimate the population mean value. Assume the amounts spent are normally distributed.
Transcribed Image Text: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 $4.71. 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. $6.21 $8.40 $6.50 $7.39 $8.60 $11.65 $8.02 $7.20 $4.25 $10.64 6.28 6.57 6.26 6.80 8.46 12.87 7.67 8.86 6.73 7.08 8.47 7.49 8.19 8.82 10.62 7.83 11.42 12.10 Use these data to construct a 90% confidence interval to estimate the population mean value. Assume the amounts spent are normally distributed.
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