Minor league baseball is seen by many as one of the few remaining forms of affordable sports entertainment still available to families. (See “It’s a Homerun: Customer Service Greatness in the Minor Leagues,” D. Carter, D. Rovell.) If a random sample of 40 minor league ball-parks is surveyed to estimate the average cost of a hot dog at minor league parks throughout the country, and the average hot dog price for the sample was $1.38.
a. Build a 99% confidence interval estimate of the average cost of a hot dog for the population of minor league ballparks represented here. Assume the standard deviation of hot dog prices for the population of ballparks is known to be $.22.
b. Interpret the interval that you produced in part a.