Hoping to lure more shoppers downtown, a city builds a new public parking garage in the central

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Hoping to lure more shoppers downtown, a city builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees. For a random sample of 44 week-days, daily fees collected averaged $ 126, with a standard deviation of $ 15.

a) What assumptions must you make in order to use these statistics for inference?

b) Find a 90% confidence interval for the mean daily income this parking garage will generate.

c) Explain in context what this confidence interval means.

d) Explain what 90% confidence means in this context.

e) The consultant who advised the city on this project predicted that parking revenues would average $ 128 per day. Based on your confidence interval, what do you think of the consultant’s prediction? Why?

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ISBN: 9780321925831

3rd Edition

Authors: Norean Sharpe, Richard Veaux, Paul Velleman

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Question Posted: May 15, 2015 02:20 AM

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Hoping to lure more shoppers downtown, a city builds a new public parking garage in the central

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