Question: Do you want to own your own candy store? With some interest in running your own business and a decent credit rating, you can probably
Do you want to own your own candy store? With some interest in running your own business and a decent credit rating, you can probably get a bank loan on start-up costs for franchises such as Candy Express, The Fudge Company, Karmel Korn, and Rocky Mountain Chocolate Factory. Start-up costs (in thousands of dollars) for a random sample of candy stores are given:
9517312995759411610085
(a) Use a calculator with mean and sample standard deviation keys to verify that ≈ $106.9 thousand and s ≈ $29.4 thousand.
(b) Find a 90% confidence interval for the population average start-up costs μ for candy store franchises.
(c) What does the confidence interval mean in the context of this problem?
Step by Step Solution
3.35 Rating (155 Votes )
There are 3 Steps involved in it
n 9 df n 1 8 a x 1068889 1069 as stated s 294425 294 as ... View full answer
Get step-by-step solutions from verified subject matter experts
Document Format (1 attachment)
785-M-S-P-E (1146).docx
120 KBs Word File
