According to a survey, the average cost of a fast-food meal (quarter-pound cheeseburger, large fries, medium soft
Question:
According to a survey, the average cost of a fast-food meal (quarter-pound cheeseburger, large fries, medium soft drink, excluding taxes) in a certain city is $6.82. Suppose this figure was based on a sample of 27 different establishments and the standard deviation was $0.37. Construct a 95% confidence interval for the population mean cost for all fast-food meals in the city. Assume the costs of a fast-food meal in the city are normally distributed. Using the interval as a guide, is it likely that the population mean is really $6.50? Why or why not?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
n 27 95 CI xit S n x 482 10252620...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
65+ Reviews
86+ Question Solved
Related Book For 
Business Statistics For Contemporary Decision Making
ISBN: 9781119577621
3rd Canadian Edition
Authors: Ken Black, Ignacio Castillo
Question Posted:
