A gift shop advertises that they stock 500 items that are priced under $50. A sample of

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A gift shop advertises that they stock 500 items that are priced under $50. A sample of 49 items are randomly selected and the sample mean price is $40, with a sample standard deviation of 9. Develop a 99% confidence interval for the population mean price. Is the gift shop advertisement true?

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Basic Statistics For Business & Economics

ISBN: 9781259268939

6th Canadian Edition

Authors: Douglas A. Lind, William G Marchal, Samuel A. Wathen, Carol Ann Waite

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