A meat processing company in the Midwest produces and markets a
A meat-processing company in the Midwest produces and markets a package of eight small sausage sandwiches. The product is nationally distributed, and the company is interested in knowing the average retail price charged for this item in stores across the country. The company cannot justify a national census to generate this information. Based on the company information system’s list of all retailers who carry the product, a researcher for the company contacts 36 of these retailers and ascertains the selling prices for the product. Use the following price data and a population standard deviation of 0.113 to determine a point estimate for the national retail price of the product.
Construct a 90% confidence interval to estimate thisprice.
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