There is a group of numbers: 998, 1078, 1498, 1598, 1649, 1799 You may assume that the

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There is a group of numbers:

998, 1078, 1498, 1598, 1649, 1799

You may assume that the price of the product is normally distributed.

1. What is the 90% confidence interval for the mean price.

2. With reference to this context, explain the meaning of the confidence interval that you have obtained.

3. Conduct an appropriate hypothesis test, at the 0.05 level of significance, to determine whether the population mean price is 10% above the value of the sample mean you have determined.

Related Book For answer-question

Financial Management for Public Health and Not for Profit Organizations

ISBN: 978-0132805667

4th edition

Authors: Steven A. Finkler, Thad Calabrese

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Posted Date: Nov 10, 2022 05:11 AM

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There is a group of numbers: 998, 1078, 1498, 1598, 1649, 1799 You may assume that the

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Financial Management for Public Health and Not for Profit Organizations

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