Question: Need help with statistics 5 A sample of 350 orders for take-out food at a local pizzeria found that the average cost of an order

Need help with statistics 5

Need help with statistics 5 A sample of 350 orders for take-out

A sample of 350 orders for take-out food at a local pizzeria found that the average cost of an order was $24 with s = $13. (a) Find the margin of error, if we use a 95% confidence interval, for the average cost of an order. (b) Interpret for management the margin of error. (c) If we need to be 99% confident, does the confidence interval become wider or narrower? (d) Find the 99% confidence interval. View b (a) Margin of Error = $ (Round to the nearest cent as needed.) (b) Choose the correct answer below. O A. Management can be 95% confident that the average cost of all orders is within a number of dollars equal to the margin of error of the average cost of $24. O B. Management can be 95% confident that the average cost of all orders is within a number of dollars equal to twice the margin of error of the average cost of $2 O C. Management can be 95% confident that the average cost of all orders is within a number of dollars equal to half the margin of error of the average cost of $24. O D. Management cannot make an interpretation of the margin of error. (c) The need to be 99% confident makes the margin of error because the multiplier (or percentile) that comes from wanting 99% percent confidence and using a t-distribution (or normal model) to describe the sampling distribution is than the multiplier for 95% interval. Thus, the confidence interval becomes (d) The confidence interval is ($ $ ). (Round to the nearest cent as needed.)

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