According to a survey, the average cost of a fast-food meal (cheeseburger, large chips, medium soft drink)
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According to a survey, the average cost of a fast-food meal (cheeseburger, large chips, medium soft drink) in Christchurch is $7.25. Suppose this figure is based on a sample of 27 different establishments and the standard deviation is $0.60. Construct a 95% confidence interval for the population mean cost for all fast-food meals in Christchurch. Assume that the costs of fast-food meals in Christchurch are normally distributed. Using the interval as a guide, is it likely that the population mean is really $7? Why or why not?
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Related Book For
Business Analytics And Statistics
ISBN: 9780730363330
1st Edition
Authors: Ken Black, John Asafu Adjaye, Paul Burke, Nelson Perera, Carl Sherwood, Saleh A. Wasimi
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