A random sample of 25 people who purchased tickets to the Limelight Theatre on a regular basis stated they paid an average of $65.00 per ticket. The sample standard deviation was $6.25 per ticket.
a. What is the population mean? What is the best estimate of the population mean?
b. Develop a 99% confidence interval for the population mean ticket price for these theatregoers.
c. How large a sample is needed to assess the population mean with an allowable error of $1.00 at 95% confidence?