Allante Pizza delivers pizzas throughout its local market area at no charge to the customer. However, customers
Question:
a. Based on these sample data, what is the best point estimate to use as an estimate of the true mean tip per delivery?
b. Suppose the owner is interested in developing a 90% confidence interval estimate. Given the fact that the population standard deviation is unknown, what distribution will be used to obtain the critical value?
c. Referring to part b, what assumption is required to use the specified distribution to obtain the critical value? Develop a box and whisker plot to illustrate whether this assumption seems to be reasonably satisfied.
d. Referring to parts b and c, construct and interpret the 90% confidence interval estimate for the population mean.
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
Step by Step Answer:
Business Statistics A Decision Making Approach
ISBN: 9780133021844
9th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry