Do you want to own your own candy store? With some interest in running your own business

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Do you want to own your own candy store? With some interest in running your own business and a decent credit rating, you can probably get a bank loan on start-up costs for franchises such as Candy Express, The Fudge Company, Karmel Korn, and Rocky Mountain Chocolate Factory. Start-up costs (in thousands of dollars) for a random sample of candy stores are given:
9517312995759411610085
(a) Use a calculator with mean and sample standard deviation keys to verify that  ≈ $106.9 thousand and s ≈ $29.4 thousand.
(b) Find a 90% confidence interval for the population average start-up costs μ for candy store franchises.
(c) What does the confidence interval mean in the context of this problem?
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Related Book For  book-img-for-question

Understanding Basic Statistics

ISBN: 9781111827021

6th Edition

Authors: Charles Henry Brase, Corrinne Pellillo Brase

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